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need this asap please! BE 13-1 Bank loan; accrued interest LO13-2 On October 1, Eder Fabrication borrowed $60 million and issued a nine-month, 12% promissory
need this asap please!
BE 13-1 Bank loan; accrued interest LO13-2 On October 1, Eder Fabrication borrowed $60 million and issued a nine-month, 12% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31 , the end of the reporting period. BE 13-2 Noninterest-bearing note; accrued interest LO13-2 On October 1, Dutta Inc. borrowed $60 million and issued a nine-month promissory note. Interest was discounted at issuance at a 12% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31 , the end of the reporting period. BE 13-3 Determining accrued interest LO13-2 On July 1, Orcas Lab issued a $100,000,12%, eight-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30 Step by Step Solution
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