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Blackboard Homework: Bb 7-1 Problem 1: On January 1, Kohl Company loaned $66,116...

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Accounting

Blackboard Homework: Bb 7-1
Problem 1: On January 1, Kohl Company loaned $66,116 to Hemingway, Inc, accepting Hemingway's 2-year, $80,000, zero-interest-bearing note. The implied interest rate is 10%.
(A) Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $80,000 at maturity.
(B) Name the financial statement and section of the financial statement where Kohl, Inc. will report the note.
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