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On January 1, 2016, Young Corporation signed a $240,000, four-year, 66% note. The loan required Young to make payments annually on December 31 of $60,000

On January 1, 2016, Young Corporation signed a $240,000, four-year, 66% note. The loan required Young to make payments annually on December 31 of $60,000 principal plus interest.

1. Journalize the issuance of the note on January 1, 2016.

2. Journalize the first payment on December 31, 2016.

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