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How much interest expense is retarded in the current year

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Question - Hansen Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 7%, $200,000 note.

Required -

On what date does this note mature?

How much interest expense is retarded in the current year? (Assume a 360-day year.)

How much interest expense is recorded in the following year? (Assume a 360-day year.)

Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and payment of the note at maturity.

Reference no: EM133164656

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