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i need the answer tq On 1 August 2019, Eco Company borrows $200,000 from OCBC Bank by signing a 7-month, 6%, interest-bearing note. Assuming year
i need the answer tq
On 1" August 2019, Eco Company borrows $200,000 from OCBC Bank by signing a 7-month, 6%, interest-bearing note. Assuming year ended is 31" December 2019. 1) On what date does this note mature? 2) How much interest expense results from this note in 2019? 3) How much interest expense results from this note in 2020? 4) Prepare journal entries to record issuance of the note. 5) Prepare journal entries to record accrual of interest at the end of December 2019. 6) Prepare journal entries to record payment of the note at maturity by using cheque. 7) Prepare extract of Statement of Financial Position and Income Statement for year ended 2019 Step by Step Solution
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