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Assume Company A lends Company B $1,000,000. Company B signs a $1,000,000, 12%, 6-month note on October 1 st . Record the entry made by

  1. Assume Company A lends Company B $1,000,000. Company B signs a $1,000,000, 12%, 6-month note on October 1st. Record the entry made by Company B.
  2. Company B issues financial statements on Dec. 31st of each year. Prepare the entry to accrue interest on the note.
  3. Record the entry for payment of the note at maturity.

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