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On September 1, 2023 Lammi Co. borrowed a $200,000, zero-interest-6 month note. The amount of cash that was paid by signing the 6 month note,
On September 1, 2023 Lammi Co. borrowed a $200,000, zero-interest-6 month note. The amount of cash that was paid by signing the 6 month note, or present value was $185,000. Assume all implied interest has been expensed by the due date of March 1, 2024. Required: Record the issuance of the note and the repayment of the note back to the lender on 3/1
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
2nd edition
9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828
