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Prepare a journal entry at maturity

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Reference no: EM132859077

Question - Montana Minerals sold coal $192,000 to Beta Electric, receiving a six-month, noninterest-bearing note for $200,000 on December 1, 2020. The implied discount rate on the note is 8% per annum. Montana uses a periodic inventory system.

Required -

1. Prepare any adjusting entry on 12/31/2020.

2. Prepare a journal entry at maturity 6/1/2021.

Reference no: EM132859077

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