In exchange for land, the company received a 12-month note on January 1. The face amount of
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In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $2,000, and the stated rate of interest is 12%, compounded annually. The 12% rate is equal to the market rate. The original cost of the land was $2,450. The full amount of the note, including accrued interest, will be received at the end of the 12-month period, on December 31. Make all journal entries necessary on the books of the recipient of the note during the 12-month life of this note.
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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