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On 3/1/2016, PeeDee Corp. signs a $400,000 6-month zero-interest bearing note. The prevailing market rate for similar transactions is 9%. PeeDee has a fiscal year

On 3/1/2016, PeeDee Corp. signs a $400,000 6-month zero-interest bearing note. The prevailing market rate for similar transactions is 9%. PeeDee has a fiscal year end on June 30. Prepare the entries to record the issuance of the note and any entries required during 2016.

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