Reference no: EM132326262
Question
On December 31, 2020, Windsor Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Windsor Co. agreed to accept a $281,500 zero-interest-bearing note due December 31, 2022, as payment in full.
Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Windsoris much more creditworthy and has various lines of credit at 6%.
a) Prepare the journal entry to record the transaction of December 31, 2020, for the Windsor Co.
b) Assuming Windsor Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2021.
c) Assuming Windsor Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2022.
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