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Prepare marigold journal entries for the initial transaction

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Question - On January 1, Marigold Corp. lent $44,000 to Splish Brothers Inc., accepting Splish Brothers's $58,564, three-year, zero-interest-bearing note. The implied interest is 10%. Prepare Marigold's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $58,564 at maturity.

Reference no: EM132994190

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