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Keshena Co. borrows $240,000 cash on November 1, 2

Keshena Co. borrows $240,000 cash on November 1, 2009, by signing a 180-day, 10% notes with a face value of $240,000. 1. On what date does this note mature? (Assume February of 2010 has 28 days.) 2. How much interest expense results from this note in 2009? (Assume a 360-day year.) 3. How much interest expense results from this note in 2010? (Assume a 360-day year.) 4. Prepare journal entries to record. (a) Issuance of the note. (b) Accrual of interest at the end of 2009. (c) Payment of the note at maturity.

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