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Compute the effective annual rate of interest

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Reference no: EM132791093

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:

Question 1: Prepare the journal entry to record the sale.

Question 2: Compute the effective annual rate of interest.

Reference no: EM132791093

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