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Dtermine what journal entries need to be made for this question:

A hospital receives $5 million in donations, $3 million in cash and the balance of $2 million to be paid at the end of each of the next two years. (41 million at the end of each year) It estimates that $.05 million will be uncollectible. The hospital uses a discount rate of 4 percent.

How would you make the journal entries using the 4% discount rate?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91079319

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