On December 31, 2011, Sisek Company borrowed $800,000 with a 10-year, 9.75 percent note, interest payable semiannually
Question:
Required:
1. Prepare the necessary journal entry at December 31, 2011.
2. Prepare the necessary journal entry at June 30, 2012.
3. Prepare the necessary journal entry at December 31, 2012.
4. Determine the carrying amount of these notes at the end of the fifth year (December 31, 2016).
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Journal Date Account and Explanation Debit Credit 1 2011 Dec 31 Cash 792800 Discount on Notes Pay...View the full answer
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Related Book For 
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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