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Question - On January 1, 2020, Bramble Furniture borrowed $5,600,000 (face value) from Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Bramble Furniture agreed to sell furniture to this customer at lower than market price. A 8% rate of interest is normally charged on this type of loan.
Required -
1. Prepare the journal entry to record this transaction.
2. Determine the amount of interest expense to report for 2020.
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