Branch Corporation issued $13 million of commercial paper on March 1 on a nine-month note....
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Accounting
Branch Corporation issued $13 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 8% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Record the issuance of the commercial paper
Record the interest expense on the note at maturity
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