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Short Exercise 8-3 On December 1, Grenada Company borrowed $80,000 from the bank, issuing a 90-day, 15 percent promissory note. Interest is in addition to
Short Exercise 8-3 On December 1, Grenada Company borrowed $80,000 from the bank, issuing a 90-day, 15 percent promissory note. Interest is in addition to the face value. In the journal provided, prepare Grenada's December 1 entry, December 31 adjusting entry without explanation for accrued interest, and March 1 entry at maturity. Round to the nearest whole dollar.
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