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I Required information [ The following information applies to the questions displayed below ] On January 1 . MM Company borrows $ 3 2 0
I Required information The following information applies to the questions displayed below On January MM Company borrows $ cash from a bank and in return signs an installment note for five annual payments of $ each. Prepare the journal entry to record issuance of the note. For the first $ annual payment at December what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required Required Prepare the journal entry to record issuance of the note. Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits.
I
Required information
The following information applies to the questions displayed below
On January MM Company borrows $ cash from a bank and in return signs an installment note for five annual payments of $ each.
Prepare the journal entry to record issuance of the note.
For the first $ annual payment at December what amount goes toward interest expense? What amount goes toward principal reduction of the note?
Complete this question by entering your answers in the tabs below.
Required
Required
Prepare the journal entry to record issuance of the note.
Journal entry worksheet
Record the issuance of the note.
Note: Enter debits before credits.
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