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What the entry to record the second year payment

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Problem 1: On January 1, Year 1, Brewed Awakening, Inc., borrowed $490,000 at 4% interest. The loan will be repaid with equal annual installment payments of $60,000 made on the last day of each year. The entry to record the second year's payment includes a credit to Cash of ($ Do not include $ sign in your answer and round your answer to the nearest dollar.)

Reference no: EM132752883

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