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On January 1, 2022, Kings Korp. sold goods to a customer, accepting a 2 -year $80,000 zero-interestbearing note. The implied interest rate is 10%. Prepare
On January 1, 2022, Kings Korp. sold goods to a customer, accepting a 2 -year $80,000 zero-interestbearing note. The implied interest rate is 10%. Prepare Kings' journal entries for the (1) sale and (2) recognition of interest each year, and (3) the collection of the note at maturity. Round numbers to the nearest dollar (zero decimal points)
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