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On August 1 , a $ 4 5 , 6 0 0 , 7 % , 3 - year installment note payable is issued by

On August 1, a $45,600,7%,3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued inter of $17,375.96. The entry to record the first payment on July 31 would include:

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