Problem related to issuance of the note, Accounting Basics

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Problem related to issuance of the note

Response to the following problem:

On January 1, Dieland Company issues a $20,000 non-interest-bearing, 5-year note for equipment. Neither the fair value of the note nor the equipment is determinable. Dieland Company's incremental borrowing rate is 9%. The asset has a useful life of 7 years. Prepare the journal entry for Dieland to record the issuance of the note on January 1.

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Accounting Basics: Problem related to issuance of the note

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