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Prepare the journal entries required on august

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Question - On July 1, 2018, Regal Corporation obtained a $15,000 note receivable from a cutomer. The note along with interest at 8% is due on December 31, 2018. On August 30, 2018, Regal discounted the note at First City Bank. The bank's discount rate is 10%.

Prepare the journal entries required on August 30, 2018 to accrue interest and to record the discounting for Regal (round all calculations to two decimal points).

Reference no: EM132246611

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