On August 1 2019, Colombo Co.'s treasurer sign a note promising to pay $2.4 million on December 31 2019 the proceeds of the note were $2.34 mill

A) Calculate the discount rate used by the Lendor

B) Calculate the effective interest rate on the loan

C) Write the journal entries for the following transactions:

1) Signing the note,

2) Recording the interest expenses

3) Repaying the note

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