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Borrowed cash and signed

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On November 1, 2010, Edwin, Inc., borrowed cash and signed a $60,000, one year note payable.

Required:
1. Compute the following items assuming 
(i) an interest bearing note at 12%, 

(ii) a non interest bearing note discounted at 12%:
a. Cash received
b. Effective interest rate
c. Interest expense for 2010

2. Prepare the journal entries for Edwin, Inc., under each case for 2010 and 2011. 

Reference no: EM13871832

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