On December 1, 2017, Goliath Corporation borrowed $120,000 on a three month, 10% note. Goliath Corporation's year end is December 31.
Required:
1. Prepare the journal entries in 2017 and 2018 for Goliath Corporation. Omit explanations.
2. At December 31, 2017, what is reported on the balance sheet?
Correct Answer:
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