On 2010 November 1, Grand Strand Property Management, Inc., discounted its own USD 50,000, 180-day, non interest-bearing note at its bank at 18 percent. The note was paid on its maturity date. The company uses a calendar-year accounting period. Prepare dated journal entries to record (a) the discounting of the note, (b) the yearend adjustment, and (c) the payment of the note.
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