PREPARING A DISCOUNT NOTE LIABILITY TABLE. St. Cloud Manufacturing, Inc., issued 5-year, 9.2% notes with a total
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PREPARING A DISCOUNT NOTE LIABILITY TABLE. St. Cloud Manufacturing, Inc., issued 5-year, 9.2% notes with a total face amount of $500,000 on January 1, 19x4, for $484,000. The notes pay interest on June 30 and December 31 of each year.
REQUIRED:
1. Prepare a note liability table.
2. Prepare the entries to recognize the sale of the notes and the interest payments made on June 30, 19x4, and December 31, 19x4.
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