The following information was extracted from the financial records of Leong Cosmetics: a. What is the effective
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a. What is the effective interest rate on the notes payable?
b. Prepare the journal entry to record interest expense during 2019.
Transcribed Image Text:
2019 2018 Balance Sheet Notes payable Less: Discount on notes payable Income Statement $200,000 $200,000 12,000 14,400 Interest expense $ 16,400 $ 16,200
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a Interest Expense Effective Rate Book Value of Debt at Beginning of the Period 164...View the full answer
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Megha S Vinod
As a teaching associate at seacom skills university for four years I taught multiple subjects related to electrical engineering such as control system, basic electrical , electrical machines, power system, signals and systems, electrical design estimation and costing and many more. I was responsible for the electrical machine 1 lab, electrical machine 2 lab, control system lab , microprocessor lab and analog and digital electronics lab. Currently I am pursuing my M.Tech in Mechatronics Engineering from NITTTR, Kolkata, a centrally funded technical institute.
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