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Business, 07.01.2020 01:31 abbymoses3

Mcaffee owns 5 coffee machines for which it paid $5,000 each. it owned furniture that it purchased for $10,000. there is no cash or liquid asset on the balance sheet. the coffee machines and the furniture have just been bought and have zero depreciation. the owners of mcaffee borrowed $15,000 to finance these investments. they contributed the rest from their own money. the bank charges 10% interest rate on the loan and it requires mcaffee to pay.
prepare the journal entry

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