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This question was created from acct 3301 exam 2.docx https://www.coursehero.com/file/60133828/acct-3301-exam-2docx/

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Included in Vernon Corp.'s liability account balances at December 31, 2017, were the
following:
7% note payable issued October 1, 2017, maturing September 30, 2018 $375,000
8% note payable issued April 1, 2017, payable in six equal annual
installments of $225,000 beginning April 1, 2018
900,000
Vernon's December 31, 2017, financial statements were issued on March 31, 2018. On
January 15, 2018, the entire $900,000 balance of the 8% note was refinanced by the issuance
Subject: Accounting, Business

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