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On 11/1/20, a company negotiated a loan with their bank and signed a 120-day, 3% note payable, with a face value (also known as the
On 11/1/20, a company negotiated a loan with their bank and signed a 120-day, 3% note payable, with a face value (also known as the maturity value) of $120,000. The company meets their obligation on time. Note: the company operates and reports financial reports on a calendar year bassi. Note: Use 360 days for a year. Note: Round all answers to the nearest dollar. Using the T-account template below (or prepare an "equation" presentation using a spreadsheet format), prepare the entries to recognize the following events. a. Obtain the loan b. Year-end accrual of interest C. Payment of the principal and interest EQUITY ASSETS Property, Plant & Equipment Investments Intangible Assets/Other LIABILITIES Non- Current Current Liabilities Liabilities Contributed Capital Current Assets Earned Capital
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