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On November 1, 20X1, Hay Cop. borrowed $30 million cash to fund a new machine. The loan was made by Clear Bank under a noncommitted
On November 1, 20X1, Hay Cop. borrowed $30 million cash to fund a new machine. The loan was made by Clear Bank under a noncommitted short-term line of credit arrangement. Hazy issued a 8-month, 10% promissory note. Interest was payable at maturity. Hazy's fiscal period is the calendar year. Required: Prepare the journal entries related to the note from the issue date until the maturity date of the note. Show your work
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