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Business, 11.02.2021 17:50 thatlostgirl7740

Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $60,000. In addition, Shlee agreed to sell merchandise to Garcia at an amount less than regular selling price over the 4-year period. The market rate of interest for similar notes is 12%. Prepare Shlee Corporation's January 1 journal entry.

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Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January...
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