Question 1 Bridgeport Inc. purchased an Internet domain name by issuing a $222,0

Question

Question 1 Bridgeport Inc. purchased an Internet domain name by issuing a $222,000, 6-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 10%. The note is repayable in 6 annual payments of $37,000 each. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF Prepare the journal entry to record the purchase of the intangible asset. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

Explanation / Answer

Internet domain name 161145 =37000*4.35526         Notes payable 161145

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