County Company has has signed an installment note to purchase a new machine for $53,000 on November 15 Year 1. The note is for one year and the interest is 12 percent per year. Each month a cash payment is made for $4,,416. The interest charge is included in the face amount of the note. What entries are made for this transaction on: December 15, Year 1; December 31, Year 1 (the end of Newark?s fiscal year); and January 15, Year 2?
County Company has signed an installment note to purchase a new machine for $53,000
on November 15 Year 1. The note is for one year and the interest is 12 percent per year. Each
month a cash...
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