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2. On May 1, Edwards signs a $125,000 non-interest-bearing note payable due in one year to Chicago National Bank. The market rate on the
2. On May 1, Edwards signs a $125,000 non-interest-bearing note payable due in one year to Chicago National Bank. The market rate on the note is 5%. 11 gnitoqs> [sionsnit a. Prepare the journal entries at the following dates: May 1: December 31: At maturity: Account DR lamm CR sri slivo19 mamos b. What amount(s) would be reported in the current liabilities section of the balance sheet at December 31 for this note?
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Interpreting and Analyzing Financial Statements
Authors: Karen P. Schoenebeck, Mark P. Holtzman
6th edition
132746247, 978-0132746243
