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On January 1, 2016, Johnson Corporation issued a 2-year note due December 31, 2017, with a face value of $10,000, receiving $7,694.68 in exchange. Required:
On January 1, 2016, Johnson Corporation issued a 2-year note due December 31, 2017, with a face value of $10,000, receiving $7,694.68 in exchange.
Required:
Prepare the journal entries to account for the note: |
1. | on the date the note is issued |
2. | at the end of 2016 |
3. | at the end of 2017 |
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