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Prepare marigold journal entries for the january

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Reference no: EM132156101

Question - Marigold Corporation issued a 4-year, $55,000, 5% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $44,762. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 11%.

Prepare Marigold's journal entries for (a) the January 1 issuance and (b) the December 31 interest?

Reference no: EM132156101

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