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Please show answer with workings for the blank boxes

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Accounting for Notes Payable
During 2017, Yuki Corporation had the following transactions relating to long-term liabilities:
May 1 Purchased a machine costing $600,000 from Kuma Corporation. Issued a three-year, interest-bearing note with interest payable on May 1 of each year. The note
matures on May 1, 2020, and carries an interest rate of 7%.
July 1 Borrowed $25,000 from South-Central National Bank. The terms of the note require semiannual payments of interest on December 31 and June 30. The note
matures in two years and carries an interest rate of 6%.

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Top Answer

The journal entries to be booked will be: Date Description Debit($) Credit($) Dec 31 2017 Interest Expense 750 Cash 750... View the full answer

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