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3. On May 15, Sports World borrowed $75,000 from 1 Bank by signing a 6%, 10 year loan. The monthly payment will be $832. a.
3. On May 15, Sports World borrowed $75,000 from 1" Bank by signing a 6%, 10 year loan. The monthly payment will be $832. a. Prepare Sports World's journal entry to record the issuance of the loan. b. Prepare Sports World's journal entry to record the payments for the first three months. 8
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