(Solved by Humans)-Problem 9-82B ZERO COUPON NOTE (STRAIGHT LINE) On December 31, 2008, Sorenson Financing...
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Problem 9-82B ZERO COUPON NOTE (STRAIGHT LINE) On December 31, 2008, Sorenson Financing Corporation borrowed $90,000 cash on a $110,300, 24-month zero coupon note. Sorenson uses the straight-line method of amortization. Required: 1. Record the borrowing in Sorenson’s journal. 2. Prepare the adjusting entries for December 31, 2009. 3. Prepare the entry to recognize the 2010 interest expense and repayment of the note on December 31, 2010.
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This question was answered on: 10 May, 2025
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