Question: Required: Journalize the transactions for Sid. When calculating interest, do not round intermediate amounts, but do round the final amount to the nearest dollar.

intermediate amounts, but do round the final amount to the nearest dollar.

Required: Journalize the transactions for Sid. When calculating interest, do not round intermediate amounts, but do round the final amount to the nearest dollar. Use a 360-day year. 1. Sid borrowed by signing a $80,000, 5 %, 45-day note dated January 1, 2024, to Finance Company Inc... The note contained a clause stating that the interest would be deducted from the loan proceeds. In other words, this is a 'discounted' note. 2. Feb 15-Paid the maturity value of the note due Finance Company Inc. Keep in mind that Sid paid the interest on the day she borrowed. Effective Interest Rate Required: Calculate Sid's effective interest rate. Note: When calculating, round the Time Factor to 3 decimal places, and round the Effective Annual Interest Rate to 2 decimal places (formatted as a percent). Use a 360-day year. Hint: You already know the formula to calculate interest is Principal X Rate X Time = Interest With a tiny bit of algebra, you can use the same formula to solve for the RATE: Principal X Rate X Time = Interest Rate Interest / Principal / Time or Interest / Principal / Time = Rate Look at your journal entry to get your interest and amount borrowed...

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