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Business, 30.03.2021 01:50 nikeahbrown

11. Purchased a parcel of land on March 1, 2020 for $950,000 by paying $490,000 in cash and signing a short-term note payable with the seller for $460,000. You must repay the $460,000 in exactly one year on March 1, 2021. You agree to pay the seller 5 percent interest (annual rate) on a quarterly basis (June 1, September 1, December 1, 2020, and March 1, 2021). [Adjusting Entry Required]

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11. Purchased a parcel of land on March 1, 2020 for $950,000 by paying $490,000 in cash and signing...
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