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1. On November 1, Vacation Destinations borrows $2.5 million and issues a six-month, 10% note payable. Interest is payable at maturity. Record the transactions for

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1. On November 1, Vacation Destinations borrows $2.5 million and issues a six-month, 10% note payable. Interest is payable at maturity. Record the transactions for the company (a) for the issuance of the note on November! AND (b) the appropriate adjusting entry for interest expense at December 37 (the end of the reporting period)

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