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1. Farmland County borrowed $100,000 on a 10-year, 7% installment note payable on January 1, Year 1. The terms of the note require Farmland to

1. Farmland County borrowed $100,000 on a 10-year, 7% installment note payable on January 1, Year 1. The terms of the note require Farmland to pay 10 equal payments of $14,238 each December 31 for 10 years. The required general journal entry to record the first payment on the note on December 31, Year 1 is:

2.Warren Long Park Corp have bonds outstanding with a par value of $100,000 and a carrying value of $97,300. If the company calls these bonds at a price of $95,000, what is the gain or loss on retirement?

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