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Stanislaus Corp. receives from Avery a $70,000, three-year note bearing interest at 11 percent annually....

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Accounting

Stanislaus Corp. receives from Avery a $70,000, three-year note bearing interest at 11 percent annually. The market rate of interest for a note of similar risk is also 11 percent. a. How does Stanislaus record the receipt of the note? b. Write all the journal entries that Stanislaus records at the end of Years 1, 2 and 3.

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