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Problem 2: On September 1, 2022, Sandersen Company borrowed $90,000 from Second Bank. The loan was a five-month, noninterest bearing note at 6%. Sandersen's has

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Problem 2: On September 1, 2022, Sandersen Company borrowed $90,000 from Second Bank. The loan was a five-month, noninterest bearing note at 6%. Sandersen's has a calendar fiscal year. REQUIRED: 2-1 Prepare the journal entry to record the issuance of the note by Sandersen. 2-2 Prepare the journal entries that Sandersen will subsequently record related to the note. 2-3 Determine the effective interest rate on the loan

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