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Recording Entries for Long-Term Note Receivable; Effective Interest Method the cost of the land is equal to the fair value of the note. Required -

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Recording Entries for Long-Term Note Receivable; Effective Interest Method the cost of the land is equal to the fair value of the note. Required - Note: Round answers to the nearest whole dollar. a. Prepare entries for Jacobs on (1) January 1 of Year 1 for the sale of land and (2) December 31 of Year 1 for interest received on the note. Use the effective interest method to amortize the discount

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