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Johnson corporation issued a two year note due

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Reference no: EM13871427

On January 1, 2010, the Johnson Corporation issued a two year note due December 31, 2011, with a face value of $10,000, receiving $7,694.68 in exchange.

Required:
Prepare the journal entries to account for the note:

1. On the date the note is issued

2. At the end of 2010

3. At the end of 2011

Reference no: EM13871427

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