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Non interest-Bearing Note On January 1, 20X...




Non interest-Bearing Note On January 1, 20X5, Bird Company sold goods to Dog Company. Dog signed a non interesting-bearing note requiring payment of $60,000 annually for seven years. The first payment was made on January 1, 20X5. The prevailing rate of interest for this type of note at date of issuance was 10%. Required 1. Record the sale of goods on Jan. 1 20X5 2. Record the first payment on Jan. 1 20X5 3. Record the interest and the Amortization of the discount on the note at December 31, 20X5


Paper#8408 | Written in 18-Jul-2015

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