Business, 16.06.2020 18:57, anaiah13

Larkspur Corporation issued a 4-year, $41,000, 4% note to Greenbush Company on January 1, 2020, and received a computer that normally sells for $31,038. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%. Required:
Prepare Cheyenne's journal entries for:
a. the January 1 issuance
b. the December 31 interest.

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Larkspur Corporation issued a 4-year, $41,000, 4% note to Greenbush Company on January 1, 2020, and...