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3. Morton Company had the following select transactions. Apr. 1, 2014 Accepted Remington Company's 12 month, 12% note in settlement of a $25,000 account receivable.

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3. Morton Company had the following select transactions. Apr. 1, 2014 Accepted Remington Company's 12 month, 12% note in settlement of a $25,000 account receivable. Dec. 31, 2014 Apr 1, 2015 Accrued interest on the notes receivable. Received principal plus interest on the Remington note. Instructions Prepare journal entries to record the transactions. Morton prepares adjusting entries once a year on December 31. [Remember that the interest rate is expressed per annum (that is for the year)]

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