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Flint Corporation issued a 5-year, $66,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $66,000. In addition, Flint agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Click here to view factor tables. ۵ Prepare Flint Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 1, 2025 Debit Credit

Flint Corporation issued a 5-year, $66,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $66,000. In addition, Flint agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Click here to view factor tables. ۵ Prepare Flint Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 1, 2025 Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Flint Corporation issued a 5-year, $66,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $66,000. In addition, Flint agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Click here to view factor tables. ۵ Prepare Flint Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 1, 2025 Debit Credit
Transcribed Image Text:Flint Corporation issued a 5-year, $66,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $66,000. In addition, Flint agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Click here to view factor tables. ۵ Prepare Flint Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 1, 2025 Debit Credit
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