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Prepare sheffield journal entries for the initial transact

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On January 1, Sheffield Corp. lent $32,000 to Sage Hill Inc., accepting Sage Hill's $42,592, three-year, zero-interest-bearing note. The implied interest is 10%.

Problem (a) Prepare Sheffield's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $42,592 at maturity.

Reference no: EM132706837

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