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Prepare Carlas journal entries to record the issuance

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Question - Carla, Inc. issued a $160,000, 4-year, 11% note at face value to Flint Hills Bank on January 1, 2017, and received $160,000 cash. The note requires annual interest payments each December 31.

Required - Prepare Carla's journal entries to record (a) the issuance of the note and (b) the December 31 interest payment.

Reference no: EM132524134

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