Racer, Inc. issued a four-month, 3% note to Murray, Inc. for $8,000 on October 1, 20X1....

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Racer, Inc. issued a four-month, 3% note to Murray, Inc. for $8,000 on October 1, 20X1. The end of the fiscal year is December 31. The maturity date of the note is January 30, 20X2. In this transaction: Racer, Inc. issued a four-month, 3% note to Murray, Inc. for $8,000 on October 1, 20X1. The end of the fiscal year is December 31. The maturity date of the note is January 30, 20X2. In this transaction: