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Journalize the first annual note payment

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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.

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

b. Journalize the first annual note payment.

Reference no: EM13512574

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