On December 1,2014,Goliath Corporation borrowed $120,000 on a 120-day,10% note.Goliath Corporation's year end is December 31.
Required:
1.Prepare the journal entries in 2014 and 2015 for Goliath Corporation.Round all numbers to the nearest dollar.Omit explanations.
2.At December 31,2014,what is reported on the balance sheet for the note?
Correct Answer:
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