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Do not have questions details, only this On September 1, 2018, Clown Associates borrowed $600,000 from Credit Union and signed a 9% one-year note payable
Do not have questions details, only this
On September 1, 2018, Clown Associates borrowed $600,000 from Credit Union and signed a 9% one-year note payable with all interest and principal due at maturity. (a) The amount Clown must pay on September 1, 2019, when the note matures is: (1 mark) (b) The interest expense Clown will recognize on this note in 2019 is: (1 mark) (c) At December 31, 2018, Clown Associates' liability to the credit union amounts to: (1 mark) (d) Give the adjusting entry including explanation made by Clown Associates on December 31, 2018, with respect to thisStep by Step Solution
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