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On January 1, 2016, Nantucket Ferry borrowed $15,400,000 cash from BankOne and issued a four-year, $15,400,000, 6% note. Interest was payable annually on December 31.

On January 1, 2016, Nantucket Ferry borrowed $15,400,000 cash from BankOne and issued a four-year, $15,400,000, 6% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2016.

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