Record the payment on the note on December

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Question - On January 1, Year 1, Stratton Company borrowed $130,000 on a 10-year, 8% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $19,374 each December 31 for 10 years. Prepare required general journal entry to record the payment on the note on December 31, Year 2?

Reference no: EM132535398

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