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Question - On August 1, 20X1, SEA Ltd. borrowed money by issuing a one-year non-interest-bearing note with a stated maturity amount of $90,000. Currently, interest rates are at 4%. No amount is paid on the note until its maturity date in 20X2. The company accounts for the discount on its notes payable in a separate account.
1 - What the amount of interest expense on the note that the company will record for the year ending December 31, 20X1.
2 - What the balance in the discount account that will be reported on the company's statement of financial position on December 31, 20X1.
The partnership of Hall, Jones, and Otto has been dissolved and is in the process of liquidation. How much cash should be paid to each of the partners
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