Make Swifty journal entries for the initial transaction

Reference no: EM132722595

Question - On January 1, Swifty Corporation lent $51,000 to Windsor, Inc., accepting Windsor's $67,881, three-year, zero-interest-bearing note. The implied interest is 10%.

Required - Make Swifty's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $67,881 at maturity.

Reference no: EM132722595

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