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Business, 16.08.2020 01:01 QueenB2311

On November 1, 2016, a $216,000, 9-month, noninterest-bearing note is issued at a 10% discount rate. Required:
1. Determine the effective interest rate.
2. Prepare the appropriate journal entry on December 31, 2016, to record interest on the note for the 2016 financial statements.
3. Prepare the appropriate journal entry(s) on July 31, 2017, to record interest and the payment of the note.
4. Prepare the appropriate journal entry to record the issuance of the note

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On November 1, 2016, a $216,000, 9-month, noninterest-bearing note is issued at a 10% discount rate....
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