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Prepare journal entries from issuance to maturity

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Stern Corporation borrowed $10 million cash on September 1, 2021, to provide additional working capital for the year's production. Stern issued a 6-month, 10% promissory note to Second State Bank. Interest on the note is payable at maturity. Each firm uses the calendar year as the fiscal year.

Required:

Problem 1. Prepare journal entries from issuance to maturity for Stern Corporation.

Problem 2. Prepare journal entries from issuance to maturity for Second State Bank.

Reference no: EM132827777

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