Phe entry to recognize issuance of the note , Financial Accounting

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Phe entry to recognize issuance of the note

ZERO COUPON NOTE

Dodge City Products borrowed $100,000 cash by issuing a 36-month, $120,880 zero coupon note on December 31, 2009. The note matures on December 31, 2012.

Required:

1. Prepare the entry to recognize issuance of the note.

2. Prepare the adjustments to recognize 2010 and 2011 interest.

3. Prepare the entry to recognize 2012 interest and repayment of the note at maturity.

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Financial Accounting: Phe entry to recognize issuance of the note

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Financial Accounting: Phe entry to recognize issuance of the note

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