Question
BE14-12 McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $31,495.
BE14-12 McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $31,495. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%. Prepare McCormick's journal entries for (a) the January 1 issuance and (b) the December 31 interest
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MP Auditing And Assurance Services W/ACL Software CD ROM A Systematic Approach
Authors: William Messier Jr, Steven Glover, Douglas Prawitt
9th Edition
1259162346, 978-1259162343
