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ABC Inc borrowed $300,000 from XYZ BANK on January 1st 2017. The loan has an interest Rate of 4% and the loan is to
ABC Inc borrowed $300,000 from XYZ BANK on January 1st 2017. The loan has an interest Rate of 4% and the loan is to be repaid in 6 annual installments beginning on January 1st 2018. REQUIRED: Prepare the ABC Inc Journal Entry for the issuance of the loan and prepare the 6 JE's to record ABC Inc paying back the loan. (Use the unequal payment method that we discussed in class last week)
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Ethical Obligations and Decision Making in Accounting Text and Cases
Authors: Steven Mintz, Roselyn Morris
3rd edition
007786221X, 978-0077862213
