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Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $ (2) The zero-interest-bearing note $
Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $ (2) The zero-interest-bearing note \$ Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,125.) The followine are selected 2020 transactions of Crane Corporation. Sept. Purchased inwentory from Encino Company cn account for $46,900. Crane records purchases gross and uses a periodic 1 inventory system. Oct. Issued a $46,800,12-month, 8% note to Encino in payment of account. Oct. Borrowed $46,800 from the Share Bank by sienine a 12 -month, zero-interest-bearing $49,920 note. (a) Prepare journal entries for the selected transactions above. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts. Credit account titles are outomatically indented when amount is entered. Do not indent manualy. Record entries in the arder displayed in the problem statement.)
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