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Loan Originates a $70M Real Estate Mortgage with $1,500 Principal and Interest. Bank requires a $50 late fee when payment is received more than

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Loan Originates a $70M Real Estate Mortgage with $1,500 Principal and Interest. Bank requires a $50 late fee when payment is received more than 5 days from due date. Customer's payment does not arrive in the mail 10 days after its due date. Interest accrued due is $1,000 with a principal payment of $500. What is the journal entry to record the payment? And the Late payment?

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