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Record required adjusting entry to record interest expense

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Question 1: On January 1, 2017, Numo issued a five-year, $400,000, non-interest bearing note to the venture capital firm and received $248,368 in cash, which reflects a 10% market yield. For financial statement purposes, interest expense is recognized using the effective interest rate method. However, for tax purposes, interest expense will be computed usng the straight-line method.

HINT - In addition to the 1/1/17 transaction, be sure to record the required adjusting entry to record interest expense as of 12/31/17 as any required DTA or DTL.

Reference no: EM132505120

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