Tamarisk, Inc. purchased two trucks by issuing a $108,000, 5-year, zero-interest-bearing note to GEC Funding Inc. The market rate of interest for obligations of this nature is 11%. Prepare the journal entry to record the purchase of the two trucks. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Tamarisk, Inc. purchased two trucks by issuing a $108,000, 5-year, zero-interest-bearing note to GEC Funding Inc. The market rate of interest for obligations of this nature is 11%. Prepare the journal entry to record the purchase of the two trucks. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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