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Compute effective annual rate of interest for tokyo imports

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Reference no: EM132811442

Tokyo Imports received a six-month, noninterest-bearing note for $100,000 from Tall Mart in exchange for goods that have a fair value of $95,000. Tokyo uses a periodic inventory system, and views the financing component of this transaction to be significant.

Required:

Problem 1. Prepare the journal entry to record the sale.

Problem 2. Compute the effective annual rate of interest.

Reference no: EM132811442

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