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Journalized the first annual note payment

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Problem - On the first day of the fiscal year, a company issues $65,000, 6%, 5 year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531 of principle repayment.

Required -

A. Journalize the entry to record the issuance of the installment notes.

B. Journalized the first annual note payment.

Reference no: EM132473097

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