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(b) Prepare the journal entries to record the first and second installment payments. Hint: You will need to calculate interest expense and reduction to note

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(b) Prepare the journal entries to record the first and second installment payments. Hint: You will need to calculate interest expense and reduction to note payable for each 12 month period using the effective interest method. Show your work! The amount of the cash payment was given to you above in part (a). (3 points) Date Account Name Debit Credit

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