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Prepare journal entries including adjustment from the date

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Reference no: EM131816878

Idealist company secured a 1 year bank loan of 4000000 on october 1, 2014. The loan was discounted at 10%.

The entity signed a note for the loan and pledged 5000000 of its accounts receivable as collateral for the same. The accounting period of the entity ends on december 31 , 2014.

Required:

1. Prepare journal entriess including adjustment from the date of loan up to date of maturity.

2. Statement presentation of the bank loan with adequate disclosure on December 31, 2014.

Reference no: EM131816878

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