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Journalize the first note payment on december

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Reference no: EM132514554

Question - On January 1, 2018, LeMay-Finn signed a $420,000, 7-year, 5% note. The loan required LeMay-Finn to make annual payments on December 31 of $60,000 principal plus interest.

Requirements -

1. Journalize the issuance of the note on January 1, 2018.

2. Journalize the first note payment on December 31, 2018.

Reference no: EM132514554

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