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Prepare sarasotas journal entries to record

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Sarasota, Inc. issued a $80,000, 4-year, 12% note at face value to Flint Hills Bank on January 1, 2017, and received $80,000 cash. The note requires annual interest payments each December 31.

Problem 1: Prepare Sarasota's journal entries to record

(a) the issuance of the note and

(b) the December 31 interest payment.

Reference no: EM132459683

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