purchased for 180,000 all the equipment formerly owned by rent-it paid 70,000 cash and issued a 1 year note payable for 110,000 plus the interest at...

purchased for 180,000 all the equipment formerly owned by rent-it paid 70,000 cash and issued a 1 year note payable for 110,000 plus the interest at the annual rate of 9%. the equipment is estimated to have a useful life of 10 years