Takemoto Inc. borrowed $60,000 on November 1, 2017 by signing a $61,350, three-month, zero-interest-bearing note. (a) Using
Question:
(a) Using a financial calculator or Excel, calculate the effective interest charged on the note.
(b) Prepare Takemoto's November 1, 2017 entry; the December 31, 2017 annual adjusting entry; and the February 1, 2018 entry.
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a Using a financial calculator PV 60000 I Yields 744 per month or 89 per ye...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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