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please answer all parts, ignore my input (480,000) Question 2 Incomplete answer Marked out of 6.67 P Flag question Recording Entries for the Discounting of
please answer all parts, ignore my input (480,000)
Question 2 Incomplete answer Marked out of 6.67 P Flag question Recording Entries for the Discounting of a Note Receivable Aerobic Sports Company completed the following 2020 transactions related to a note receivable. Prepare the journal entries, including any interest earned that Aerobic Sports Company should make on February 1, 2020, and March 1. 2020. Note: Round your answers to the nearest whole dollar. a, February 1, 2020-Received a $480 000,8%, interest-bearing, six-month note from Temple Company for land that had a carrying value o Account Name Dr. Cr. Date Feb 1, 2020 0 0 0 0 0 Land b. March 1, 2020-Discounted the note to Local Bank at a 10% interest rate. Assume the discounting qualifies as a sale. Date Account Name Dr. Cr. March 1, 2020 Interest Receivable 0 0 Interest Revenue 0 0 To record interest on note March 1, 2020 Cash 0 0 Loss on Sale of Note e D 0 Interest Receivable 0 0 Note Receivable 0 480,000 To record discounting of note Please answer all parts of the question. . Step by Step Solution
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