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Lets assume that you find yourself hit hard by the COVID-19 pandemic over the past 3 years in which your business was determined to be
Lets assume that you find yourself hit hard by the COVID-19 pandemic over the past 3 years in which your business was determined to be nonessential. With the required shut down of the business you find yourself in a position where you are unable to pay one of your liabilities valued at $25,000 to ABC Company. What is your suggestion on a financial instrument which could be prepared that would extend the time in which you would have to pay the liability? What would likely be included on the face of this financial instrument? Using the inclusions you identified on the face amount of the instrument, create the journal entries for the issuance and subsequent payment of the financial instrument as they would appear on your books and ABC Company
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