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The Life of Pie issued a note payable in exchange for equipment. The details of the note are below Face value $500,000 Date of
The Life of Pie issued a note payable in exchange for equipment. The details of the note are below Face value $500,000 Date of issuance September 1, 2020 Date of maturity September 1,2021 Interest rate in the note 3% Market rate of interest-3% interest is payable annually Life of Phe hain a December 31 year-end What is the journal entry that would be recorded on December 31, 2020 (subsequent measurement)? tostructions Enter a positive number if the account is in a debit position Enter a negative number if the account is in a credit position (e-10,000) Do not use $ agns in your final answer Do not round intermediary answers. If an account does not apply enter 0 Round your final answers to the nearest dollar lerest Expense S Interest Payable-5
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