(Answered) Exercise - crane inc issued a 65000 4-year 9 note at face

Accounting

Exercise - Crane, Inc. issued a $65,000, 4-year, 9% note at face value to Flint Hills Bank on January 1, 2017, and received $65,000 cash. The note requires annual interest payments each December 31.

Prepare Crane's journal entries to record (a) the issuance of the note and (b) the December 31 interest payment.

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