3. On November 1, year 1 Able Co. purchased a machine from Casso Co. The company agreed to purchase a machine for $ 36,0

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3 On November 1 Year 1 Able Co Purchased A Machine From Casso Co The Company Agreed To Purchase A Machine For 36 0 1 (25.67 KiB) Viewed 38 times

3. On November 1, year 1 Able Co. purchased a machine from Casso Co. The company agreed to purchase a machine for $ 36,000,000 and signed a 1-year installment note with 12% interest included. Payments are made monthly on the last day of the month. Please prepare the November 30 journal entry for the first payment. The present value factor of 12% payable over a 12-month period- 12/12=.01 is 11.25508. a. Prepare the November 30, year 1 entry. b. Prepare the journal entry for the first installment payment on November 30, year 1.