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plz answer in questins format please and thank you! Sunland Ltd. needed funding to bridge the gap between paying its suppliers and collecting its receivables.
plz answer in questins format please and thank you!
Sunland Ltd. needed funding to bridge the gap between paying its suppliers and collecting its receivables. As such, Sunland issued a $280,000, four-year, 10\% note at face value to Easy Loan Bank on January 1, 2023, and received $280,000 cash. The note requires annual interest payments each December 31. Prepare Sunland's journal entry to record the note issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Prepare Sunland's journal entry to record the December 31, 2023 interest payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Step by Step Solution
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