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Prepare the company journal entry to record note issuance

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Question - On January 1, a company borrowed $85,000 cash by signing a 7% installment note that is to be repaid with four annual year-end payments of $25,000, the first of which is due on December 31, Year 1.

Please prepare the company's journal entry to record the note's issuance, and the journal entries to record the first installment payment.

Reference no: EM132186675

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