Question
Gradone Company borrowed $9,000 from Bank of College Park on March 1, 2012 and signed a 3-year, 8% interest-bearing note, requiring interest payments on March
Gradone Company borrowed $9,000 from Bank of College Park on March 1, 2012 and signed a 3-year, 8% interest-bearing note, requiring interest payments on March 1 every year. What journal entry should Gradone Company make on March 1, 2013? Assume Gradone Company's accounting period ends on Dec. 31.
Please explain it detailed. Not just answered.
Especially, how can I solve the 3-year???
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Comparative international accounting
Authors: Christopher nobes, Robert parker
9th Edition
273703579, 978-0273703570
