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Journalize the issuance of the note

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Problem - Utopia Corporation finances their purchase of equipment with an installment note of $100,000. The annual interest rate is 5% and the loan is repaid over 6 years. Annual repayment of the note is $19,702. Journalize the issuance of the note and the second year repayment to book interest expense and repayment of loan principal.

Reference no: EM132976919

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