Marin Corporation issued a 5-year, $61,000, zero-interest-bearing note to Brown Company on January $34,613. The implicit interest rate is 12%. Prepare Marin's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, eg. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles a automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit

Marin Corporation issued a 5-year, $61,000, zero-interest-bearing note to Brown Company on January $34,613. The implicit interest rate is 12%. Prepare Marin's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, eg. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles a automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit

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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