A $6,000, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is A. debit Cash, $6,120 credit Notes Receivable, $6,120B.
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Southern Company owns a building that it leases to others. The building's fair value is $2,150,000 and its book value is $1,400,000 (original cost of $2,750,000 less accumulated depreciation of $1,350,000).
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