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PROBLEM 4: On January 1, 2017, Sportswear, Inc. loaned cash to Outdoor, Inc. in exchange for a 10%, $10,000, 6-year note. Interest is payable December

PROBLEM 4: On January 1, 2017, Sportswear, Inc. loaned cash to Outdoor, Inc. in exchange for a 10%, $10,000, 6-year note. Interest is payable December 31 of each year. The market rate of interest is 12%. Prepare all necessary journal entries for Sportswear, for the year 2017.

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