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1 11/1/2021 The Piano Co. borrowed funds to replace its damaged roof 2 Amount borrowed 120,000 3 Interest rate 5% 4 Term of note 6

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1 11/1/2021 The Piano Co. borrowed funds to replace its damaged roof 2 Amount borrowed 120,000 3 Interest rate 5% 4 Term of note 6 months 5 56 INSTRUCTIONS: Prepare the journal entries to record 37 the issuance of the note 38 the accrual of interest at year end 39 the payment of the note on its due date 40 41 42 43

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