A firm lends 10000 for 5-years with no stated interest, Ask an Expert

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A firm lends $10,000 for 5-years with no stated interest rate. The market rate of interest at the time would have been 5%. What is the journal entry that should be made a. at the time the money is loaned and b. at the end of the first year of the loan?

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Accounting Basics, Accounting

Category:- Accounting Basics
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