Business, 12.05.2020 22:57, 301235

Branch Corporation issued $5 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 12% 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.)

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Branch Corporation issued $5 million of commercial paper on March 1 on a nine-month note. Interest w...