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6. Kohl Company lent $66,116 to Hemingway, Inc, accepting Hemin $80,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare Kohl's journal entries for the
6. Kohl Company lent $66,116 to Hemingway, Inc, accepting Hemin $80,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year and the collection of $80,000 at maturity
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