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Business, 25.04.2020 02:08 actived

A five-year, $100,000, 4% note payable was issued on December 31, . The note requires principal payments of $20,000 plus interest due each year beginning December 31, . The entry to record the annual payment at the end of year two on December 31,, includes a debit to Interest Expense for $800. a debit to Interest Expense for $3,200. a credit to Cash for $24,000. a credit to Notes Payable for $20,000.

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A five-year, $100,000, 4% note payable was issued on December 31, . The note requires principal paym...

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