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Make the journal entry to record the installment payment

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Reference no: EM132728137

Question - On January 1, 2020, a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid in five annual payments of $12,195 on December 31st of each year.

Required - Make the journal entry to record the first and second installment payment.

Reference no: EM132728137

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