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Example #1 On December 1, 2019, Goliath Corporation borrowed $120,000 on a three month, 10% note. Goliath Corporation's year end is December 31. Required: 1.

Example #1

On December 1, 2019, Goliath Corporation borrowed $120,000 on a three month, 10% note. Goliath Corporation's year end is December 31.

Required:

1. Prepare the journal entries in 2019 and 2020 for Goliath Corporation (i.e., December 1, 2019, December 31, 2019, March 1, 2020). Omit explanations.

2. At December 31, 2019, what is reported on the balance sheet?

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