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Record the payment of the note and interest on april

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Reference no: EM132992603

On 1 April 20x1, Shoemaker Corporation realises that one of its main suppliers (Two-Left-Feet Co) is having difficulty meeting delivery schedules, which is hurting Shoemaker Corp's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12-month, 11% note. Both companies have a 31 December year-end.

Problem 1: In the books of Two-Left-Feet Co, record the payment of the note and interest on 1 April 20x2.

Reference no: EM132992603

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