Mccormick corporation issued note

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McCormick Corporation issued a 4-year, $63,000, 5% note to Greenbush Company on January 1, 2014, and received a computer that normally sells for $49,605. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%.

Prepare McCormick journal entries for the January 1 issuance and the December 31 interest.

Reference no: EM13785371

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