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Bernard’s incremental borrowing rate is 12 percent The present value factor for four months at an annual interest rate of 12 percent 1 percent per month is 0 9610 Prepare all journal entries

Bernard’s incremental borrowing rate is 12 percent. The present value factor for four months at an annual interest rate of 12 percent (1 percent per month) is 0.9610.

a. Prepare all journal entries, including December 31 adjusting entries, to record the sale and forward contract.

b. What is the impact on net income in 2017?

c. What is the impact on net income in 2018?

Apr 26 2020 View more View Less

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