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2. On Jan. 1 Madison Co. signed a $750,000, 2.5%, 10-year note payable. The loan requires Madison Co. to make annual payments of $75,000 (principal)

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2. On Jan. 1 Madison Co. signed a $750,000, 2.5%, 10-year note payable. The loan requires Madison Co. to make annual payments of $75,000 (principal) plus accrued interest. a. Journalize the issuance of the note. b. Journalize the first two annual payments. Date Accounts Ref. Debit Credit 1

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