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On April 1, Joes Company issued a note payable with a maturity of 24 months in the amount of $300,000 for its accounts payable balance

On April 1, Joes Company issued a note payable with a maturity of 24 months in the amount of $300,000 for its accounts payable balance of $300,000 with Santiago Inc. The stated rate is 4% and the market rate is 6%.

Prepare the journal entry for April 1.

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