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Lucy Company signed a 5 year, 5%, $250,000 note payable. They are required to make annual payments of $50,000 (principal), and interest owed. a. Journalize

Lucy Company signed a 5 year, 5%, $250,000 note payable. They are required to make annual payments of $50,000 (principal), and interest owed.

a. Journalize the issuance of the note

b. Journalize the first two annual payments

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