Homework Answers
Journal entry for issuance of note:
|
Cash |
$ 724,82,500 |
|
|
Interest Expense |
$ 65,17,500 |
|
|
Notes Payable |
$ 790,00,000 |
Discount= 790,00,000* 0.11*9/12= $ 65,17,500
Proceeds=790,00,000-65,17,500=$ 724,82,500
Recording Entry on December 31
|
Interest Expense |
$ 2172500 |
|
|
Interest Payable |
$ 2172500 |
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