On january 1 a company borrowed 70000 cash by signing a 9, Ask an Expert

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On january 1 a company borrowed $70000 cash by signing a 9% installment note that is to be repaid with 4 annual year-end payments of $21607 the first which is due on december 31 year 1.

a. prepare the company's journal entry to record the note's issuance

b. prepare the journal entries for the first and second installment payments

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Accounting Basics, Accounting

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