2. Wildcat Company issued a 2-year, $400,000, zero-interest-bearing note to Razorback Company on January 1,2020...
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2. Wildcat Company issued a 2-year, $400,000, zero-interest-bearing note to Razorback Company on January 1,2020 and received $320,124. The market rate is 8%. a. What is the journal entry for the issuance of the note? b. What is the journal entry to record interest on December 31,2020
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2. Wildcat Company issued a 2-year, $400,000, zero-interest-bearing note to Razorback Company on January 1,2020 and received $320,124. The market rate is 8%. a. What is the journal entry for the issuance of the note? b. What is the journal entry to record interest on December 31,2020 