Question: please list steps Recording Entries for Note Payable Exchanged for Cash and Noncash Consideration On January 1, Allen Corp. issued a 3-year, zero-interest-bearing note payable

please list steps Recording Entries for Note Payable Exchanged for Cash and please list steps

Recording Entries for Note Payable Exchanged for Cash and Noncash Consideration On January 1, Allen Corp. issued a 3-year, zero-interest-bearing note payable for $12,000 to Town Corp. for a cash receipt of $12,000. In lieu of interest payments, Allen Corp. agreed to sell merchandise to Town Corp. at a discount and provide free shipping during the 3-year period. The market rate for this note is 8%. Record the journal entry for 1 for issuance of the note payable. - Note: Round your answer to the nearest whole dollar

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