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Prepare Ayayai Corporation January journal entry

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Question - Ayayai Corporation issued a 5-year, $68,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $68,000. In addition, Ayayai agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 12%.

Prepare Ayayai Corporation's January 1 journal entry.

Reference no: EM132597111

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