Question: Example One - Accounting for a Short - Term Noninterest - Bearing Note Payable b . Emerald Inc. borrowed cash on March 1 and signed

Example One-Accounting for a Short-Term Noninterest-Bearing Note Payable
b. Emerald Inc. borrowed cash on March 1 and signed a note that is noninterest-bearing and the present value of the note payable is \(\$ 48,285\). The company amortizes the discount using the straightline method. Prepare the following entries.
- Note: Round your answers to the nearest whole dollar.
1. March 1, date of the loan.
2. June 30, end of Emerald Inc.'s accounting period.
3. September 1, payment of principal and interest on the note.
Example One-Accounting for a Short-Term Noninterest-Bearing Note Payable b. Emerald Inc.

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