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Calculate the interest expense at maturity

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Reference no: EM132919073

Sylvestor Systems borrows $89,000 cash on May 15 by signing a 120-day, 6%, $89,000 note.

Problem 1. On what date does this note mature?

Problem 2-a. Prepare the entry to record issuance of the note.

Problem 2-b. Calculate the interest expense at maturity. Use those calculated values to prepare entry to record payment of the note at maturity.

Reference no: EM132919073

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