P&G Co. made a loan and received in exchange a 3-year, $50,000 note bearing interest 6 percent.

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P&G Co. made a loan and received in exchange a 3-year, $50,000 note bearing interest 6 percent. The market rate of interest for a note of similar risk is 7 percent.How does P&G record the receipt of the note? Do calculations for discount amortizations if applicable along with early journal entries the company had to pass.

Posted Date: May 17, 2024 11:05 AM

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P&G Co. made a loan and received in exchange a 3-year, $50,000 note bearing interest 6 percent.

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