Brief Exercise 13-2 (Static) Noninterest-bearing note; accrued interest [LO13-2] On October 1, Dutta Incorporated borrowed...
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Brief Exercise 13-2 (Static) Noninterest-bearing note; accrued interest [LO13-2] On October 1, Dutta Incorporated borrowed $60 million and issued a nine-month promissory note. Interest was discounted at issuance at a 12% discount rate. Prepare the joumal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31 , the end of the reporting period. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars
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