Samson plc issued a 4-year, 75,000, zero-interest-bearing note to Brown Ltd. on January 1, 2022, and received
Question:
Samson plc issued a 4-year, £75,000, zero-interest-bearing note to Brown Ltd. on January 1, 2022, and received cash of £47,664. The implicit interest rate is 12%. Prepare Samson’s journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest.
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a The January 1 issuance entry would be as follows Debit Cash ...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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