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Nedd answer for understanding with format Benjamin Co. borrowed money on September 1, 2020. The loan had the following terms. Length: 7 years Interest: 8%

Nedd answer for understanding with format

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Benjamin Co. borrowed money on September 1, 2020. The loan had the following terms. Length: 7 years Interest: 8% Amount: $50,000 Payments per year: Benjamin Co. has a year end of December 31. NOTE: You may use your financial calculator or you may use the present value annuity factor, which is 5.2064. REQUIRED: Journalize the accrual on December 31 and the 1st payment on Aug 31, 2021 below

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