Aero Acrobats lent 47 573 to Afterburner Limited accepting Afterburner s 49 000
Aero Acrobats lent $47,573 to Afterburner Limited, accepting Afterburner's $49,000, three-month, zero interest-bearing notes. The implied interest is approximately 12%. Prepare Aero’s; journal entries for the initial transaction and the collection of $49,000 at maturity.
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