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Prepare the journal entries for both firm to record interest

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On January 1, 2021, Nantucket Ferry borrowed $14,100,000 cash from BankOne and issued a five-year, $14,100,000, 5% note. Interest was payable annually on December 31.

Problem 1: Prepare the journal entries for both firms to record interest at December 31, 2021.

Reference no: EM132814675

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