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Prepare the entries Y should make on May

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Question - On May 1, 2019, Y borrowed $6,000,000 at 2%. Y will pay interest every 6 months with interest payments every November 1 and May 1. Y will repay $3,000,000 of the principal on May 1, 2020 and the remainder on May 1, 2021. Assume Y only makes AJEs every December 31 AND does NOT make reversing entries. Prepare the entries Y should make on:

a. May 1, 2019

b. November 1, 2019

c. December 31, 2019

d. May 1, 2020

e. November 1, 2020

f. December 31, 2020

g. May 1, 2021

Reference no: EM132621258

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