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On January 1, 2024, Rutgers Company signed for non-interest bearing note requiring payment of $500,000...

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Accounting

On January 1, 2024, Rutgers Company signed for non-interest bearing note requiring payment of $500,000 in two year. The present value of the bond payment is $413,223.The market rate of interest for a note of similar risk is 10%. What should be interest expense for year 2024? What are the journal entries for 2024 and 2025?

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