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Edison Corp. signed a 7-month, zero-interest-bearing note on the last day of month 10 for the purchase of $9,275 of inventory. The face value of
Edison Corp. signed a 7-month, zero-interest-bearing note on the last day of month 10 for the purchase of $9,275 of inventory. The face value of the note was $18,082. Assuming Edison used a Discount on Note Payable account to initially record the note and that the discount will be amortized equally over the 7-month period, the adjusting entry made at December 31, will include a debit to "interest expense" and a credit to "discount on note payable" of ?
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