Garcia Corporation purchased a truck by issuing an $80,000, 4-year zero-interest-bearing note to Equinox Inc

Accounting Aug 09, 2020

Garcia Corporation purchased a truck by issuing an $80,000, 4-year zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck

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