On January 1, 2000, a corporation purchased a machine (10 year estimated useful life; no residual value; straight-line method)by paying cash $1,500 and signing a note payable with a face amount of
$4,500, 8% interest payable each December 31.The maturity date is December 31, 2002.The going market rate of interest was 10%.Give all required entry (entries)at each of the following dates:
January 1, 2000:
December 31, 2000:

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The Answer of On January 1, 2000, a corporation purchased a machine (10 year estimated useful life; no residual value; straight-line method)by paying cash $1,500 and signing a note payable with a face amount of
$4,500, 8% interest payable each December 31.The maturity date is December 31, 2002.The going market rate of interest was 10%.Give all required entry (entries)at each of the following dates:
January 1, 2000:
December 31, 2000:

On January 1, 2000, a Corporation Purchased a Machine (10