Question: Question 1: Short-term Notes Payable On October 1, 2019, ABC Company borrowed $100,000 cash on a 6-month note payable. The annual interest rate is 12

Question 1: Short-term Notes Payable

On October 1, 2019, ABC Company borrowed $100,000 cash on a 6-month note payable. The annual interest rate is 12 percent. The principal and all the interests were paid by ABC at the maturity date, March 31, 2020. What is the journal entry to be recorded for ABC on December 31, 2019?

Question 2: Stock Repurchase and Reissuance

On December 3, 2019, ABC Company reissued 10,000 shares of the treasury stock at $40 per share. Suppose the cost of the treasury stock was $15 per share. What is the journal entry to be recorded for ABC on December 3, 2019?

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