On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note
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On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. Prepare the journal entry to record
(1) The issuance of the note and
(2) The first monthly interest payment.
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