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(Solved): The Eldorado Conporation's controller prepares adjusting entries only at the end of the reporting ...



The Eldorado Conporations controller prepares adjusting entries only at the end of the reporting year. The following adjusti

The Eldorado Conporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entrles were prepared on December 31, 2021: Additional lntormation: 1. The company borrowed on March 31, 2021. Principal and interest are due on March . This note is the company's only interest-bearing debt 2. Rent for the year on the company's office space is . The rent is paid in advance. 3. On October 31, 2021, Edorado ient money to a customer. The customer signed a note with princlpal and interest at due in arte year. Required: 1. What is the interest rate on the compeny/s note payable? 2. The 2021 rent payneril was made at the beginsing of which morith? (Do not round your intermediete calculation.) 3. How much did tidorado lend its customer on Uctober '31?


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The interest due is $ 40500 from Mar 31 to Dec31 i.e. for the period of 9 months on the amount of $540,000 note.
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