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(Entries for Zero-Interest-Bearing Notes) On January 1, 2011, McLean Company makes the two following acquisitions.
1. Purchases land having a fair market value of $300,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $505,518.
2. Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of $400,000 (interest payable annually). The company has to pay 11% interest for funds from its bank.
(a) Record the two journal entries that should be recorded by McLean Company for the two purchases on January 1, 2011.
(b) Record the interest at the end of the first year on both notes using the effective-interest method.
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The beginning inventory is 300 units, the number of units set forth in the production budget, representing total production for the currentperiod, is?
During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is:
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