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What is the journal entry to record payment of first annual

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Question 1: On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from the bank. The note requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $11,942. What is the journal entry to record the payment of the first annual amount due on the note?

Reference no: EM132869447

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