Solved: Marigold corporation issued a 4-year 55000 make marigolds, Accounting Basics

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Marigold corporation issued a 4-year 55000 make marigolds

Question - Marigold Corporation issued a 4-year, $55,000, 5% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $44,762. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 11%.

Make Marigold's journal entries for (a) the January 1 issuance and (b) the December 31 interest?

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Accounting Basics: Marigold corporation issued a 4-year 55000 make marigolds

Reference No:- TGS02943059

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Accounting Basics: Marigold corporation issued a 4-year 55000 make marigolds

Reference No:- TGS02943059

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