notes receivable

Project Description:

on december 31, 2007 long corporation sold some of its product to doane company, accepting a 3% four-year promissory note having a maturity value of $900,000 (interest payable annually on december 31). doane company pays 8% for its borrowed funds.
a) prepare the journal entries to record the transaction on the books of long corporation at december 31, 2007 (assume that the effective interest method is used. use the interest tables (table 1/present value of 1 and table 2/present value of ordinary annuity of 1) and round to the nearest dollar.)
b) make all appropriate entries for 2008 on the books of long corporation.
c) make all appropriate entries for 2009 on the books of long corporation.
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