Question: Vinyl Resting Place (a local records store) issued a note to Bonnie Tiler (a home renovation company) on March 1, 2027, in exchange for inventory.

Vinyl Resting Place (a local records store) issued a note to Bonnie Tiler (a home renovation company) on March 1, 2027, in exchange for inventory. The details of the note are below. Provide all of the required journal entries from issuance to derecognition/settlement. Assume that the Vinyl Resting Place has a December 31 year-end and that the company does not prepare interim statements. Face value of note payable $200,000 Date of issue for note March 1, 2027 Due date for note May 1, 2027 Interest rate in the note 0% Market rate of interest 10%

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