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On January 1, 2022 Kole Inc. receives a long-term note with a $5,000 face value. The note has no coupon payments, but accrues 5% interest,
On January 1, 2022 Kole Inc. receives a long-term note with a $5,000 face value. The note has no coupon payments, but accrues 5% interest, compounded annually, and is due in four years. Round answers to the nearest penny. Q17. Provide the journal entry Kole, Inc. will record on 1/1/2022 upon receipt of this note: Q18. Provide the journal entry Kole, Inc. will record at the end of Year 1 (12/31/2022) relating to this note: Q19. Provide the journal entry Kole, Inc. will record at the end of Year 2 (12/31/2023) relating to this note: Q20. What is the book value of this note at the end of Year 2 (12/31/2023)? Q21. Provide the journal entry Kole, Inc. will record upon maturity of the note, after any interest has been accounted for
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