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On September 1, 2016, Fox Corp. accepted a six-month, 6%, $65,000 interest bearing note from Rudy Company in payment of an accounts receivable. Foxs year-end

On September 1, 2016, Fox Corp. accepted a six-month, 6%, $65,000 interest bearing note from Rudy Company in payment of an accounts receivable. Foxs year-end is December 31. Rudy paid the note and interest on the due date. REQUIRED: 1. Who is the maker and who is the payee of the note? 2. What is the maturity date of the note? 3. Prepare all necessary journal entries that Fox needs to make in connection with this note.

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