ANSWER KEY McCormick Corporation issued a 4-year, $64,000, 5% note to Greenbush Company on

McCormick Corporation issued a 4-year, $64,000, 5% note to Greenbush Company on 
January 1, 2011, and received a computer that normally sells for $50,392. The 
note requires annual interest payments each December 31. The market rate of 
interest for a note of similar risk is 12%. Prepare McCormick's journal entries 
for (a) the January 1 issuance and (b) the December 31 interest.
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