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Question 3 (8 marks) Blackwater Company Ltd. completed the following transactions: June 1, 2020: Loaned Stillwater Company $30,000 on a one year, 5% note. Dec.

Question 3 (8 marks)

Blackwater Company Ltd. completed the following transactions:

  • June 1, 2020: Loaned Stillwater Company $30,000 on a one year, 5% note.
  • Dec. 31, 2020: Accrued interest on the note from Stillwater Company. (Round to the nearest dollar.)
  • June 1, 2021: Collected the maturity value of the note from Stillwater (principal plus interest)

Required

Record entries for the above transactions. Explanations are not required.

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