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Medical Dispensary borrowed $390,000 on January 2, 2012, by issuing a 10% serial bond payable that must be paid in three equal annual installments plus

Medical Dispensary borrowed $390,000 on January 2, 2012, by issuing a 10% serial bond payable that must be paid in three equal annual installments plus interest for the year. The first payment of principal and interest comes due January 2, 2013. 4

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