Crafty Cave Products borrowed $200,000 cash by issuing a 48-month, $246,660 zero coupon note on January 1, 2024. The note matures on December 31, 2027. Prepare the adjustments to recognize 2025 and 2026 interest. If an amount box does not require an entry, leave it blank. Dec. 31 Record interest expense Dec. 31 Record interest expense

Crafty Cave Products borrowed $200,000 cash by issuing a 48-month, $246,660 zero coupon note on January 1, 2024. The note matures on December 31, 2027. Prepare the adjustments to recognize 2025 and 2026 interest. If an amount box does not require an entry, leave it blank. Dec. 31 Record interest expense Dec. 31 Record interest expense

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 78E

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