Riverbed Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received

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Riverbed Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $48,663. The implicit interest rate is 11%. Prepare Riverbed’s journal entries for

(a) The January 1 issuance.

(b) The December 31 recognition of interest.

Related Book For answer-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Posted Date: Aug 25, 2020 10:30 PM

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Riverbed Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received

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Intermediate Accounting IFRS

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