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Item 2 1 0 points eBookPrintReferencesCheck my workCheck My Work button is now disabledItem 2 On June 3 0 , 2 0 2 4 ,
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On June the Esquire Company sold merchandise to a customer and accepted a noninterestbearing note in exchange. The note requires payment of $ on March The fair value of the merchandise exchanged is $ Esquire views the financing component of this contract as significant.
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Prepare journal entries to record the sale of merchandise omit any entry that might be required for the cost of the goods sold any December interest accrual, and the March collection.
What is the effective interest rate on the note?
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