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Interest payment using effective interest method

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BBrestovacki Corporation issued a $50,000, five-year, 5% note to Jernigan Corp. on January 1, 2023, and received a piece of equipment that normally sells for $38,912. The note requires annual interest payments each December 31. The market interest rate for a note of similar risk is 11%. Prepare the entry for the December 31, 2023 interest payment using the effective interest method.

Reference no: EM133306658

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