Takemoto Inc. borrowed $60,000 on November 1, 2023, by signing a $61,350, three-month, zero-interest-bearing note (a) Using
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Takemoto Inc. borrowed $60,000 on November 1, 2023, by signing a $61,350, three-month, zero-interest-bearing note
(a) Using a financial calculator or Excel, calculate the effective interest charged on the note.
(b) Prepare Takemoto’s November 1, 2023 entry; the December 31, 2023 annual adjusting entry; and the February 1, 2024 entries. Round amounts to the nearest dollar.
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119740445
13th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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