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X signed a three-month, zero-interest-bearing note on November 1, 2007 for the purchase of $150,000 of inventory. The face value of the note was $152,100.
X signed a three-month, zero-interest-bearing note on November 1, 2007 for the purchase of $150,000 of inventory. The face value of the note was $152,100. The discount will be amortized equally over the 3-month period, the adjusting entry made at December 31, 2007 will include a -------.
Select one:
a. debit to Interest Expense for $1,400.
b. credit to Interest Expense for $2,500.
c. debit to Interest Expense for $2,500.
d. credit to Interest Expense for $2,000.
Clear my choice
The natural resources are intangible assets
Select one:
a. True
b. False
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