On December 31, 1990, Butter Company borrowed ($ 95,000) by signing a fiveyear, (12 %) installment note.
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On December 31, 1990, Butter Company borrowed \(\$ 95,000\) by signing a fiveyear, \(12 \%\) installment note. The note requires annual payments of \(\$ 26,354\) to be made on December 31. Prepare journal entries to record the first payment on December 31, 1991, and the second payment on December 31, 1992.
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