Roberts Corporation purchased some equipment by issuing a $20,000 non-interest-bearing, four-year note when interest rates were 8%. Actuarial information for 8% and four periods follows:
In the entry to record this purchase, there would be a
A) $20,000 debit to Equipment
B) $5,299.40 credit to Discount on Notes Payable
C) $27,209.78 credit to Notes Payable
D) $14,700.60 debit to Equipment
Correct Answer:
Verified
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