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

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On December 31, 2015, Sweet Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Sweet Co. agreed to accept a $282, 400 zero-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 of 12%. Sweet is much more creditworthy and has various lines of credit at 6%. Prepare the journal entry to record the transaction of December 31, 2015, for the Sweet Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5, 275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Assuming Sweet Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2016. (Round answers to 0 decimal places, e.g. 5, 275. If no entry is required, select

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