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On July 1, 2020, Maxine Co. receives a note in exchange for some services. The present value of the note is: 116,630 Maxine will receive
On July 1, 2020, Maxine Co. receives a note in exchange for some services. The present value of the note is: 116,630 Maxine will receive four equal payments from this note starting on June 30, 2021. The implied interest rate of note is: 9.00% Maxine's fiscal year end is June 30. Maxine uses the effective interest method. Prepare the necessary journal entries for Maxine on the following dates: There are more yellow boxes given than necessary for the J/E. Leave blank the boxes that you do not need. If there is no J/E needed, leave the b July 1, 2020 June 30, 2021 June 30, 2022
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