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Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284 Exercise 17
Intercompany note discounted. Assume the same facts as in Exercise 11, but in addition, assume that Saratoga is itself in need of cash. It discounts the note received from Windsor at First Bank on July 1, 2013, at a discount rate of 8% per annum.
1. Prepare the entries that both companies would have made on their separate books, including interest accruals.
2. Prepare the eliminations, in entry form, that will be made on a consolidated worksheet prepared as of December 31, 2013.
1. Prepare the entries that both companies would have made on their separate books, including interest accruals.
2. Prepare the eliminations, in entry form, that will be made on a consolidated worksheet prepared as of December 31, 2013.
Explanation
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It is given that on May 1, 2013, $50,000...
Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
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