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Takemoto Corporation borrowed $85,000 on November 1, 2014, by signing a $100,000, 3-month, zero-interest-bearing note. Prepare Takemoto's November 1, 2014, entry; the December 31, 2014,
Takemoto Corporation borrowed $85,000 on November 1, 2014, by signing a $100,000, 3-month, zero-interest-bearing note. Prepare Takemoto's November 1, 2014, entry; the December 31, 2014, adjusting entry; and the February 1, 2015, entry. Amortize the discount evenly over the 3 month period
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