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What is the journal entry for the payment of the note

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Reference no: EM132840157

Question - Orlando Corporation borrowed $50 million cash on October 1, 2018, to purchase manufacturing equipment. The loan was made by First City Bank under a short-term financing arrangement. Orlando Corporation issued a 9-month, 11% promissory note with interest payable at maturity. Orlando Corporation's fiscal period is the calendar year.

Required -

1. What is the journal entry for the issuance of the note by Orlando Corporation?

2. What is the appropriate adjusting entry for the note by Orlando Corporation on December 31, 2018?

3. What is the journal entry for the payment of the note at maturity?

Reference no: EM132840157

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