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Group Assignment Chapter 12: Accounting for a long-term note payable Learning Objective 1 On January 1, 2018, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan required Lakeman-Fay to make annual payments on December 31 of $100,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first note payment on December 31, 2018