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Eder Fabrication borrowed $55 million and issued a nine-month, 13% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. Record the issuance of the note and record the issuance of the interest note.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796910

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