Annual payments are to consist of accrued interest plus

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On January 1, 2013 company borrowed $50 000 cash bt signing a 7% installment note that is to be repaid with five annual end-of year payments, the first of which is due on December 31 , 2013 . Assume that the annual payments are to consist of accrued interest plus equal amounts of principal. Prepare the general journal entries to record the first and second installment payments

Reference no: EM13775621

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