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Problem 1 (13 pts) Short-term Notes Camden's fiscal year ends on December 31. On October 1, 2023, Camden borrowed $16 million cash from Second Commercial

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Problem 1 (13 pts) Short-term Notes Camden's fiscal year ends on December 31. On October 1, 2023, Camden borrowed \$16 million cash from Second Commercial Bank by issuing a five-month, 9% promissory note. Interest on the note was payable at maturity. Required: a. Prepare the journal entries to record the issuance of the note by Camden ( 2 pts). cash 16m CR notes payable 16m b. Prepare the journal entries by Camden to accrue interests on December 31, 2023 (4 pts). 9%1/12 interest expense or CR. Interest payable c. Prepare the journal entries by Camden on March 1, 2024, the due date (7 pts)

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