Entry for the receipt of the loan

Reference no: EM133650406

Question

Obtain a $500,000 loan from the Royal Bank of Ryan. The loan would be repayable in ? ve equal principal payments plus interest on December 31 of each year. The loan would carry an interest rate of 6%. Sam would like to see the entry for the receipt of the loan and the recording of the journal entries on December 31.

Reference no: EM133650406

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