Long-Term Notes Payable
Response to the following problem:
On January 1, 2010, the Johnson Corporation issued a two-year note due December 31, 2011, with a face value of $10,000, receiving $7,694.68 in exchange.
Required
Prepare the journal entries to account for the note:
1. On the date the note is issued
2. At the end of 2010
3. At the end of 2011