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Prepare the adjusting entry at december

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Reference no: EM132872596

Problem - On August 31, Latty Co. partially refunded $900,000 of its outstanding 10% note payable made one year ago to Dugan State Bank by paying $900,000 plus $90,000 interest, having obtained the $990,000 by using $262,000 cash and signing a new one-year $800,000 note discounted at 9% by the bank.

Instructions -

(1) Make the entry to record the partial refunding. Assume Latty Co. makes reversing entries when appropriate.

(2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount?

Reference no: EM132872596

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