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NEED HELP WITH THE PROBLEM STEP BY STEP On December 31. 2COO Burry Corporation sold some of its product to Flynn Company, accepting a 3%.
NEED HELP WITH THE PROBLEM STEP BY STEP
On December 31. 2COO Burry Corporation sold some of its product to Flynn Company, accepting a 3%. four-year promissory note having a maturity value of 900,000 (Merest payable 8rooalty on December 31) Berry Corporation pays 6% for its borrowed funds. Flymn Company, however, pays 8% for its borrowed funds The product sold is earned on the books of Berry at a manufactured cost of 570,000 Assume Berry uses a perpetual inventory system Instructions Prepare the journal entries to record the transaction on the hooks of Berry Corporation at December 31. 2009. (Assume I hit the effective interest method is used. Use the interest tables below and round to the nearest dollar.) Make all appropriate entr.es for 2010 cn the hooks of Berry Corporation Make all appropriate entries for 2011 on the hooks of Berry CorporationStep by Step Solution
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