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13. On January 1, 2024, Middling Company borrows $37,000 by agreeing to a 7%, 4-year note with the bank. Payments of $886.01 are due at

13. On January 1, 2024, Middling Company borrows $37,000 by agreeing to a 7%, 4-year note with the bank. Payments of $886.01 are due at the end of each month with the first installment due on January 31, 2024. Required: Record the issuance of the note payable and the first two monthly payments.

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