Farmer Corporation borrowed $290,000 on October 1, 2009. The note carried a 10 percent interest rate

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Farmer Corporation borrowed $290,000 on October 1, 2009. The note carried a 10 percent interest rate with the principal and interest payable on May 1, 2010. Prepare the journal entry to record the note on October 1. Prepare the adjusting entry to record accrued interest on December 31.View Solution:
Farmer Corporation borrowed 290 000 on October 1 2009 The not