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Leach Company borrowed $ 1 3 5 , 0 0 0 cash by issuing a note payable on June 1 , Year 1 . The

Leach Company borrowed $

135, 000

cash by issuing a note payable on June

1,

Year

1 .

The note had an

12

percent annual rate of interest and a one

-

year term to maturity.

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