Gold Co. purchased a piece of machinery on January 5, 2023 by issuing a $450,000, 6-year, zero-interest bearing note to HCL Heavy Equipment Co. At the time of purchase, Gold also paid cash of $2,000 in freight, $5,000 for a special foundation for the heavy machine and $4,500 in installation and trial run costs. Prepare the journal entry to record Gold's purchase of the machinery on January 5, 2023
Gold Co. purchased a piece of machinery on January 5, 2023 by issuing a $450,000, 6-year, zero-interest bearing note to HCL Heavy Equipment Co. At the time of purchase, Gold also paid cash of $2,000 in freight, $5,000 for a special foundation for the heavy machine and $4,500 in installation and trial run costs. Prepare the journal entry to record Gold's purchase of the machinery on January 5, 2023
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| 4. Gold Co. purchased a piece of machinery on January 5, 2023 by issuing a $450,000, 6-year, zero-interest bearing note to HCL Heavy Equipment Co. |
| At the time of purchase, Gold also paid cash of $2,000 in freight, $5,000 for a special foundation for the heavy machine and $4,500 in installation and trial run costs. |
|
Prepare the |
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