Journalize the first payment on december

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On January 1, 2018, Price Corporation signed a $160,000, two-year, 12% note. The loan required Price to make payments annually on December 31 of $80,000 principal plus interest.

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

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

Reference no: EM132825323

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