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Prepare the adjusting entry at december

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Question - On August 31, Latty Co. partially refunded $432,000 of its outstanding 10% note payable made one year ago to Dugan State Bank by paying $432,000 plus $43,200 interest, having obtained the $475,200 by using $128,490 cash and signing a new one-year $381,000 note discounted at 9% by the bank.

Make the entry to record the partial refunding. Assume Latty Co. makes reversing entries when appropriate.

Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.

Reference no: EM132094363

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