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Prepare mccormicks journal entries

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Reference no: EM131106104

1. McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2011, and received a computer that normally sells for $31,495. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%. Prepare McCormick's journal entries for 

(a) The January 1 issuance and 

(b) The December 31 interest. 

Reference no: EM131106104

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