(Solution) - Sanchez Co uses an interest rate of 6 which is -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Sanchez Co. uses an interest rate of 6%, which is its incremental borrowing rate.
Instructions
(a) Prepare the journal entries necessary on January 2, 2014, and December 31, 2014.
(b) Prepare the journal entries necessary on December 31, 2015.
(c) Prepare the journal entries necessary on January 2, 2016.