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On August 1, Ayayai Corporation signed a $77400,14%, 2-year note to help finance renovations being made to the corporation headquarters. Assuming interest is accrued only

image text in transcribed On August 1, Ayayai Corporation signed a $77400,14%, 2-year note to help finance renovations being made to the corporation headquarters. Assuming interest is accrued only when the year ends on December 31, the appropriate journal entry for the first year would be

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