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Make any year-end entries if necessary

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Question - On 1/1/2019, Gordon signed a bank loan for $88,000. The 4-year loan has a 6% interest rate, which was a fair interest rate at the time. The loan requires monthly payments of $2,067 on the first of each month and the first payment was due 2/1/2019. The 12 cash monthly payments have been recorded correctly for 2021. Make any year-end entries, if necessary?

Reference no: EM133171262

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