On March 27, 2020, Single Corporation purchased a delivery van from Couple Corporation by issuing...
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Accounting
On March 27, 2020, Single Corporation purchased a delivery van from Couple Corporation by issuing a 2-year, $60,000, non-interest-bearing note. The full balance is due in 2 years. Single would normally borrow at a rate of 7%.
Required
For what amount should Single debit the van? Round to the nearest dollar. (6 marks)
What amount should Single record as interest expense on December 31, their year-end? Round to the nearest dollar. (4 marks)
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