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Proctor Corporation Sells Equipment for $80,000 to Gamble Incorporated on January

Question 81

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Proctor Corporation sells equipment for $80,000 to Gamble Incorporated on January 1, 2012 in exchange for note bearing 12 percent interest.
Prepare the following journal entries in the books of Proctor Corporation:
Proctor Corporation sells equipment for $80,000 to Gamble Incorporated on January 1, 2012 in exchange for note bearing 12 percent interest. Prepare the following journal entries in the books of Proctor Corporation:

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