For the Following Transaction,provide All of the Required Journal Entries

question 44

Essay

For the following transaction,provide all of the required journal entries from inception to liquidation. Assume a December 31 year end and that the company does not prepare interim statements. Round all amounts to nearest dollar.
$\begin{array}{ll}\text { Face value of note payable } & \$ 200,000 \\\text { Date of issue for note } & \text { March 1, 2012 } \\\text { Due date for note } & \text { March 1, 2013 } \\\text { Interest rate in the note } & 0 \% \\\text { Market rate of interest } & 5 \% \\\text { Consideration received } & \text { Machinery }\end{array}$

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Definitions:

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