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the journal entries for 2015.

the journal entries for 2015.

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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Example 14.5: JN Min Corporation, a calendar-year company, borrowed $1,000,000 on August 15, 2015. The note specifies an 8% interest rate and is due in three years. Interest is paid quarterly. The fiscal year ends on December 31. The current market rate is 12%. Interest is compounded quarterly. JN Min prepares quarterly financial statements. Prepare the amortization table for the note and the journal entries for 2015. Given Solve for PV N 12 I/Y 3.00% PV 900,460 PMT -20,000 FV - 1,000,000 Excel Formula =PV(0.03,12,-20000,-1000000)
Transcribed Image Text:Example 14.5: JN Min Corporation, a calendar-year company, borrowed $1,000,000 on August 15, 2015. The note specifies an 8% interest rate and is due in three years. Interest is paid quarterly. The fiscal year ends on December 31. The current market rate is 12%. Interest is compounded quarterly. JN Min prepares quarterly financial statements. Prepare the amortization table for the note and the journal entries for 2015. Given Solve for PV N 12 I/Y 3.00% PV 900,460 PMT -20,000 FV - 1,000,000 Excel Formula =PV(0.03,12,-20000,-1000000)
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