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8. T okyo Imports sold merchandise to Tall-Mart, receiving a six-month, noninterest-bearing note for $100,000....

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Accounting

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8. T okyo Imports sold merchandise to Tall-Mart, receiving a six-month, noninterest-bearing note for $100,000. The implied disco trate on the note s 10% per annum.Tok saperiodic inventory system, and views the financing component of this transaction to be significant Required: 1. Prepare the journal entry to record the sale. 2. Compute the effective rate of interest. Nole vetei nlde loo, oo Sales discount 100,000 X (0%_dlopoo

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