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On December 31, 2015, Sarasota Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Sarasota Co. agreed to accept a

On December 31, 2015, Sarasota Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Sarasota Co. agreed to accept a $296,200zero-interest-bearing note due December 31, 2017, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of10%. Sarasota is much more creditworthy and has various lines of credit at 6%.

(a) Prepare the journal entry to record the transaction of December 31, 2015, for the Sarasota Co

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