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Jamison Company issues an 8%, 5-year mortgage note on January 1, 2014, to obtain financing for new equipment. Land is used as collateral for the

Jamison Company issues an 8%, 5-year mortgage note on January 1, 2014, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $46,150.

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