Idealist company secured a 1 year bank loan of 4000000 on october 1, 2014. The loan was discounted at 10%.
The entity signed a note for the loan and pledged 5000000 of its accounts receivable as collateral for the same. The accounting period of the entity ends on december 31 , 2014.
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1. Prepare journal entriess including adjustment from the date of loan up to date of maturity.
2. Statement presentation of the bank loan with adequate disclosure on december 31, 2014.
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