Bencorp issues a $90,000, 6 month, non-interest bearing note that the bank discounted at a 10% discount Rate.
Bencorp issues a $90,000, 6 month, non-interest bearing note that the bank discounted at a 10% discount Rate.
1, Prepare the appropriate journal entry to record the issuance of the note
2, Determine the effective interest Rate.
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