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LF Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains

LF Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include

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