Question
Brief Exercise 14-12 Ivanhoe Corporation issued a 4-year, $33,000,4% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for
Brief Exercise 14-12
Ivanhoe Corporation issued a 4-year, $33,000,4% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $22,636. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is15%.
Prepare Ivanhoe's journal entries for (a) the January 1 issuance and (b) the December 31 interest
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Financial Accounting
Authors: Jamie Pratt, Michael F Peters
11th Edition
1119745322, 978-1119745327
