Based on the information provided in 3, assume that the note had a stated interest rate of

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Based on the information provided in 3, assume that the note had a stated interest rate of 7% and that the loan is fully amortizing. Payments are made semi-annually on 30 June and 31 December of each year.

a. Record Premier’s journal entry related to the purchase of the equipment.

b. Record the adjusting entries for 2009, 2010 and 2011.

c. Record the journal entry for the payment of the note on 31 December 2011.

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Financial Accounting A Global Perspective

ISBN: 9780470518403

1st Edition

Authors: Rod Monger

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Question Posted: Jun 16, 2024 04:21 AM

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Based on the information provided in 3, assume that the note had a stated interest rate of

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Financial Accounting A Global Perspective

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