Zero-Interest Bearing Note Shepherd Corp. Receives a Five-Year, $40,000, Zero-Interest Bearing Note with Bearing
Essay
Zero-interest bearing note
Shepherd Corp. receives a five-year, $40,000, zero-interest bearing note with a present value of $34,504.40. Calculate the implicit rate of interest and provide the related journal entry at the date of issuance.
Correct Answer:
Verified
Correct Answer:
Verified
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