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Prepare kohl journal entries for the initial transaction

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Question - Kohl Company lent $47,300 to Hemingway, Inc, accepting Hemingway's 2-year, $57,442, zero-interest-bearing note. The implied interest rate is 10.2%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $57,442 at maturity.

Reference no: EM132064034

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