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Prepare cass journal entries for the initial transaction

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Question - Cass Company loaned $66,116 to Westinghouse, Inc, accepting Westinghouse's 2-year, $80,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare Cass's journal entries for the initial transaction, recognition of interest each year, and the collection of $80,000 at maturity?

Reference no: EM132078288

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