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Prepare the journal entries for randa to record the loan

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Problem

On January 1, 2011, Randa borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2011 through 2014. (Use Table 3)

Prepare the journal entries for Randa to record the loan on January 1, 2011, and the four payments from December 31, 2011, through December 31, 2014. (Round "PV Factor" to 4 decimal places and final answers to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.)

Attachment:- Table-3.rar

Reference no: EM131819829

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