Journalize entry to record issuance of installment notes

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On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that have annual payments of $8,658. The first note payment consists of $3,520 of interest and $5,138 of principal repayment.

Problem a. Journalize the entry to record the issuance of the installment notes.

Reference no: EM132952308

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