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Prepare Longfellows journal entries for initial transaction

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Question - Longfellow Company lent $75,752 to Hemingway, Inc, accepting Hemingway's 2-year, $90,000, zero-interest-bearing note. The implied interest rate is 9%. Prepare Longfellow's journal entries for

(a) The initial transaction,

(b) Recognition of interest each year, and

(c) The collection of $90,000 at maturity.

Reference no: EM132495691

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