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In order to expand its business, the management of Carroll, Inc. issued a long-term notes payable for $50,000 on January 1, 2016. The note will
In order to expand its business, the management of Carroll, Inc. issued a long-term notes payable for $50,000 on January 1, 2016. The note will be paid over a 10-year period with equal annual principal payments, December 31 of each year. The annual interest rate is 12%. Prepare the journal entry for the first installment payment.
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