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Cardinals Corporation purchased a computer on December 31, 2019, for $105,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $15,000 payable each December 31 starting in 2020. An assumed interest rate of 10% is implicit in the purchase price.

Prepare the journal entry at the date of purchase.

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Trinidad Tremblay
Trinidad TremblayLv2
4 May 2020
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