Q. On December 1, 2021, Endor Company borrowed $25,000,000 at an interest rate of 7.4%...
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Q. On December 1, 2021, Endor Company borrowed $25,000,000 at an interest rate of 7.4% to be repaid in 10 equal semi-annual installments of $3,036,414.39 (due on June 1 and December 1 of each year) over the next 5 years. a. Prepare in good form the entry to record the borrowing transaction on December 1, 2021. b. Prepare in good form the entry to record the interest expense related to this loan to be reported in the income statement for 2021.
c. What amount of this loans principal will Endor include in the Current Portion of Long- Term Debt in its December 31, 2021, balance sheet.
d. Prepare in good form Endors entry to record the Current Portion of Long-Term Debt as of December 31, 2021.
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