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On January 1, 2014, Senegal Corp. lent $50,000 to its CEO, interest-free. However, the loan is repayable in five installments, each December 31, until paid.

On January 1, 2014, Senegal Corp. lent $50,000 to its CEO, interest-free. However, the loan is repayable in five installments, each December 31, until paid. The market rate for similar loans (with similar credit risk) is 4%.

Prepare all of the applicable journal entries for 2014, assuming the first installment is paid on time.

Do not copy from chegg.

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