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On January 1, 20X1, Whip Brands Corp. loaned their supplier cash in exchange for receiving a 6%, $376,000 long-term note. The carrying value of
On January 1, 20X1, Whip Brands Corp. loaned their supplier cash in exchange for receiving a 6%, $376,000 long-term note. The carrying value of the note on January 1, 20X1, is $336,784. Prepare a note amortization table for the first two years assuming that the market rate for similar risk notes is 7% and that interest payments are made at each year-end. You may round all numbers to the nearest dollar. Please copy and paste the blank table below into your answer field and type in the necessary information. Date Jan. 1, 20X1 Cash Received Interest Revenue Discount/Premium Note Carrying Amortized Value Dec. 31, 20X1 Dec. 31, 20X2
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