Question
UnitedHealth Group borrowed $1,000,000 from a bank on October 1, 2023. The loan is for 3 years at an annual interest rate of 4%, with
UnitedHealth Group borrowed $1,000,000 from a bank on October 1, 2023. The loan is for 3 years at an annual interest rate of 4%, with interest payable annually. Prepare the journal entries for the loan on October 1, 2023, and the first interest payment on September 30, 2024. Additionally, show the presentation of this loan on the balance sheet as of December 31, 2023.
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Managerial Accounting The Cornerstone of Business Decision Making
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
7th edition
978-1337116008, 1337116009, 1337115770, 978-1337516150, 1337516155, 978-1337115773
