Posted by rockie on .
The Suns bought a reconditioned DC 3. They paid 1 million in cash and signed a promissory note with no stated interest rate for 3.96 million due and payable after 12 months, but renegotiable on June 30, 2009. Under similar circumstances a bank would charge a company with the same risk profile as the Suns 10% p.a.on such a note.
Please help have no clue.
Wha does the direction say? Does it tell you to journalize something?