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On january 1, 2017, trinity company loaned $901,560 to litton industries in exchange for a 3 year, zero-interest-bearing note with a face amount, $1,200,000. the prevailing rate of interest for a loan
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On january 1, 2017, trinity company loaned $901,560 to litton industries in exchange for a 3 year, zero-interest-bearing note with a face amount, $1,200,000. the prevailing rate of interest for a loan of this type is 10%. the adjusting journal entry made by litton at december 31, 2017 with regard to the note will include

User Mano Marks
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A credit to Discount on Notes Payable for $90,160.
User Grzegorzz
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