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On 1/11/2020 X company issued a $104,000, five-month, zero-interest bearing note to Castle National Bank. The present value of the note is $100,000. Required 1-Prepare

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On 1/11/2020 X company issued a $104,000, five-month, zero-interest bearing note to Castle National Bank. The present value of the note is $100,000. Required 1-Prepare the journal entries that X company should record for note payable. 2-Calculate the carrying value of the note payable on 31/12/2020

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