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Apple borrowed $1,000 for five years @ 12% on January 30 of last year. The loan is structured as a level payment loan so that

Apple borrowed $1,000 for five years @ 12% on January 30 of last year. The loan is structured as a level payment loan so that five equal annual payments of $277 will fully repay the loan plus interest. The first payment is paid on January 30 of the current year.

Prepare the journal entry to record the first loan payment.

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