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Benjamin Co. borrowed money on September 1, 2020. The loan had the following terms. Length: Interest: 5 years 10% Amount: $120,000 Payments per year:

Benjamin Co. borrowed money on September 1, 2020. The loan had the following terms. Length: Interest: 5 years 10% Amount: $120,000 Payments per year: 1 Benjamin Co. has a year end of December 31. NOTE: You may use your financial calculator or you may use the present value annuity factor, which is 3.7908. REQUIRED: Journalize the accrual on December 31 and the 1st payment on Aug 31, 2021 below: Date Account Title and Explanation PR Debit Credit

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