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On December 1st 2020, in exchange for cleaning services provided, Wrasse Inc. received a $200,000, 2 year, 10% bond receivable from their customer. Interest is
On December 1st 2020, in exchange for cleaning services provided, Wrasse Inc. received a $200,000, 2 year, 10% bond receivable from their customer. Interest is paid annually on November 31st. The market rate for such bonds is 8%.
Provide the journal entries for this transaction on December 1st 2020.
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