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Fisher Company borrowed $700,000 by issuing a 90-day note to Trusted Funding Company. Trusted Funding Company discounts the note at 8%. (Assume a 360-day year

Fisher Company borrowed $700,000 by issuing a 90-day note to Trusted Funding Company. Trusted Funding Company discounts the note at 8%. (Assume a 360-day year is used for interest computations.)

Show all calculations to get credit. Complete the journal entry form below.

(a) Journalize Fishers entries for:
(1) The issuance of the note.
(2) The payment of the note at maturity.
(b) Journalize Trusteds entries for:
(1) The discounting of the note.
(2) The receipt of the payment of the note at maturity.

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