Question: On November 1 , 2 0 2 4 , a $ 3 0 0 , 0 0 0 , 8 - month, noninterest - bearing

On November 1,2024, a $300,000,8-month, noninterest-bearing note is issued at a 10% discount rate.
Required:
a. Prepare the appropriate journal entries to record the following:
1) Issuance of the note on November 1,2024.
2) Interest on the note for the 2024 financial statements on December 31,2024.
3) Interest on the note on June 30,2025.
4) Payment of the note on June 30,2025.
b. Determine the effective interest rate.

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