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question on january 1 2016 domino incorporated provides services to jon jon associat 4278070

Question

On January 1, 2016, Domino Incorporated provides services to Jon Jon Associates in return for a $100,000, 2 year, zero interest note maturing on December 31, 2017   The normal borrowing rate for Jon Jon is 8%.

Required:

1) Prepare the journal entry to record the services on Domino’s books.

2) Prepare an amortization table using the effective interest method.

3) Prepare the journal entries to record the interest revenue in 2016 and 2017 and receipt of the final payment on December 31, 2017.

 

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