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On December 1, 2019, Collectors Inc. purchased a delivery truck from LBJ Trucks, costing $114,000. However, due to cash flow problems, Collectors Inc. is currently

On December 1, 2019, Collectors Inc. purchased a delivery truck from LBJ Trucks, costing $114,000. However, due to cash flow problems, Collectors Inc. is currently unable to make the payment. Therefore, to assure LBJ Trucks that it will be paid, Collectors Inc. signed a one-year note with 6% interest per annum, to be payable at maturity. Collectors Inc.'s year-end is on December 31. Prepare all the necessary journal entries related to the notes payable from the time it is signed

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