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Record the interest at the end of first year on both notes

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On January 1, 2020, Bridgeport Company makes the following acquisition:

Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $460,000 (interest payable annually).

The company has to pay 11% interest for funds from its bank.

Problem 1: Record the interest at the end of the first year on both notes using the effective-interest method.

Reference no: EM132877264

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