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Problem - Journalizing Installment Notes

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Problem - Journalizing Installment Notes

On the first day of the fiscal year, a company issues $55,000, 9%, five-year installment notes that have annual payments of $14,140. The first note payment consists of $4,950 of interest and $9,190 of principal repayment.

Required -

a. Journalize the entry to record the issuance of the installment notes.

b. Journalize the first annual note payment.

Reference no: EM132683525

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