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Prepare Ivanhoes journal entries for the January

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Reference no: EM132524138

Question - Ivanhoe Corporation issued a 4-year, $33,000, 4% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $22,636. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 15%.

Required - Prepare Ivanhoe's journal entries for (a) the January 1 issuance and (b) the December 31 interest.

Reference no: EM132524138

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