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Problem - Journalizing installment notes - On the first day of the fiscal year, a company issues $100,000, 8%, six-year installment notes that have annual payments of $21,632. The first note payment consists of $8,000 of interest and $13,632 of principal repayment.
Required -
a. Journalize the entry to record the issuance of the installment notes.
b. Journalize the first annual note payment.
on january 1 2010 zinn company obtained a 52000 four-year 6.5 installment note from fidelity bank. the note requires
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