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Problem 2. Hanover Corporation receives a two-year, $45,000 note from Kingston Inc. bearing 6% interest on January 2, 2021. Similar notes will yield 8% interest.

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Problem 2. Hanover Corporation receives a two-year, $45,000 note from Kingston Inc. bearing 6% interest on January 2, 2021. Similar notes will yield 8% interest. Hanover reports using IFRS and therefore uses the effective interest method to account for notes receiveable. a. Prepare all journal entries on the following dates, assuming there is no question about collectability of the note (hint fair value of the note must be calculated): a. January 2, 2021 b. January 2, 2022 C. January 2, 2023

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