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Prepare the journal entries for abbot corporation

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Reference no: EM132589344

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:

1. Record the note

2. December 31, 2020 interest accrual

3. April 30, 2021 payment

4. December 31, 2021 interest accrual

5. April 30, 2022 payment

Reference no: EM132589344

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