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Abbot Corp. issued a $270,000, three-year, zero-interest-bearing note payable to Athabasca Corp. for equipment on April 30, 2020. Abbot would normally pay interest at 6%. Abbot has a December 31 year-end and will repay the note with three equal yearly payments of $90,000. Abbot Corporation follows IFRS.
Instructions
Question 1: Prepare the following journal entries for Abbot Corporation:
Illustrate the effects on the accounts and financial statements of each of the preceding transactions - plan was approved by the stockholders
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