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Prepare appropriate journal entry to record issuance of note

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Reference no: EM13844552

Question- Bencorp issues a $90,000, 6-month, noninterest-bearing note that the bank discounted at a 10% discount rate.

Required: 1. Prepare the appropriate journal entry to record the issuance of the note. 2. Determine the effective interest rate.

Reference no: EM13844552

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