McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2013, and received
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McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2013, and received a computer that normally sells for $31,495. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%. Prepare McCormick’s journal entries for (a) the January 1 issuance and (b) the December 31 interest.
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Answer computer 31495 debit discount on NP 9505 debit note payable 40000 credit interest expens...View the full answer
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