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Obtain a $ 500,000 loan from the bank of Joly. The loan would be repayable in 5 principal payments plus interest on Dec 31 of

Obtain a $ 500,000 loan from the bank of Joly. The loan would be repayable in 5 principal payments plus interest on Dec 31 of each year. The loan would carry an interest rate of 6%. John would like to see the journal entry for the receipt of the loan and the recording of the journal entries on dec31.

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