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Problem 1 4 - 1 1 ( Algo ) Note with unrealistic interest rate [ LO 1 4 - 3 ] At January 1 ,

Problem 14-11(Algo) Note with unrealistic interest rate [LO14-3]
At January 1,2024, Brant Cargo acquired equipment by issuing a four-year, $225,000(payable at maturity),6% note. The market rate of interest for notes of similar risk is 12%.
Required:
to 3. Prepare the necessary journal entries for Brant Cargo.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
\table[[No,Date,General Journal,Debit,Credit],[1,January 01,2024,Discount on notes payable,,],[,,Notes payable,,],[,,,,]]
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