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5. Kohl Company sold goods to Hemingway, Inc, on December 31, 2021, and accepted a...

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Accounting

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5. Kohl Company sold goods to Hemingway, Inc, on December 31, 2021, and accepted a 2-year, $60,000, zero-interest-bearing note from Hemingway. The appropriate market interest rate for this kind of notes is 10%. Required: (10 points) Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $60,000 at the maturity date

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