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QUESTION 7 On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note. Interest was discounted at issuance at a 12% discount

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QUESTION 7 On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note. Interest was discounted at issuance at a 12% discount rate. (a) Prepare the journal entry for the issuance of the note. (b) Prepare the appropriate adjusting entry for the note at December 31, the end of the reporting period. ( Enter your answers in whole dollars.) T T T Arial 3 (12pt) T-SE Path:p Words:0 Click Save and Submit to save and submit. Click Save All Answers to save all answers

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