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4) ABC Company borrows $280,000 on March 1st, 2014. The interest rate is 7% annual. The note is to be paid back in 3 annual

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4) ABC Company borrows $280,000 on March 1st, 2014. The interest rate is 7% annual. The note is to be paid back in 3 annual installments beginning on March 1st, 2015. Required: Prepare the journal entry to record the issuance of the note on March 15, 2014 and the 3 journal entries to record the note payments (Hint: The payment amounts will decrease each year. Use the unequal payments method that was discussed in the first example in the chapter)

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