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A company borrows $50,000 from a bank at an annual interest rate of 8%. The loan term is 2 years and interest is compounded quarterly.
A company borrows $50,000 from a bank at an annual interest rate of 8%. The loan term is 2 years and interest is compounded quarterly. If the company makes equal quarterly payments to repay the loan calculate the amount of each quarterly payment and prepare the journal entry for the first payment considering both principal and interest
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Foster George, Srikand M. Datar, Maureen P. Gowing
5th Canadian Edition
0135004934, 978-0135004937
