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Concord Corporation purchased a computer on December 31, 2016, for $107,100, paying $30,600 down and agreeing to pay the balance in five equal installments of $15,300 payable each December 31 beginning in 2017. An assumed interest rate of 9% is implicit in the purchase price. Prepare the journal entry at the date of purchase. 12/31/2016 12/31/2017 12/31/2018

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Concord Corporation purchased a computer on December 31, 2016, for $107,100, paying $30,600 down and agreeing to

pay the balance in five equal installments of $15,300 payable each December 31 beginning in 2017. An assumed interest rate of 9% is implicit in the purchase price.

Prepare the journal entry at the date of purchase.

12/31/2016

12/31/2017

12/31/2018

 
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