Question: Please Help for a good rating Recording Entries for Long-Term Note Receivable; Effective Interest Method rate on similar notes is 11%. Assume that the cost

Please Help for a good rating

Recording Entries for Long-Term Note Receivable; Effective Interest Method rate on similar notes is 11%. Assume that the cost of the land is equal to the fair value of the note. Required - Note: Round answers to the nearest whole dollar. b. Prepare entries on December 31 of Year 2 to record (1) interest received on the note and (2) the settlement of the

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