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Montana Minerals sold coal $192,000 to Beta Electric, receiving a six-month, noninterest-bearing note for $200,000...

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Accounting

Montana Minerals sold coal $192,000 to Beta Electric, receiving a six-month, noninterest-bearing note for $200,000 on December 1, 2020. The implied discount rate on the note is 8% per annum. Montana uses a periodic inventory system.

Required:

1. Prepare the journal entry to record the sale.

2. Prepare any adjusting entry on December 31, 2020.

3. Prepare a journal entry at maturity (June 1, 2021).

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