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Prepare Vaughn journal entries for the initial transaction

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Question - Vaughn Company loaned $64,793 to Hemingway, Inc, accepting Hemingway's 2-year, $78,400, zero-interest-bearing note. The implied interest rate is 10%. Prepare Vaughn's journal entries for the initial transaction, recognition of interest each year, and the collection of $78,400 at maturity.

Reference no: EM132569007

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