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Greatco signed a 7-year note payable on January 1, 2016, of $665,000. The note requires annual principal payments each December 31 of $95,000 plus interest
Greatco signed a 7-year note payable on January 1, 2016, of $665,000. The note requires annual principal payments each December 31 of $95,000 plus interest at 14%. The entry to record the annual payment on December 31, 2018, includes OA. a credit to Cash of $188,100 OB. a debit to Interest Expense for $66,500. OC. a debit to Interest Expense for $93,100 OD. a credit to Notes Payable for $95,000
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