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Posted on Jul 23, 2024

On January 1 , 2 0 2 4 , Nantucket Ferry borrowed $ 1 5 , 3 0 0 , 0 0 0 cash from

On January

1, 2024,

Nantucket Ferry borrowed $

15, 300, 000

cash from BankOne and issued a five

-

year, $

15, 300, 000, 5 %

note. Interest was payable annually on December

31 .

Prepare the journal entries for both firms to record interest at December

31, 2024 .

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