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On January 1, 2017, Eagle borrows $21,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $5,922, consisting of

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On January 1, 2017, Eagle borrows $21,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $5,922, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. Answer is not complete. No General Journal Credit Date Jan 01, 2017 Debit 21,000 Cash Notes payab 21,000 Dec 31, 2017 Noles payable Interest expense Cash Dec 31, 2018 Notes payable Interest expense Cash Dec 31, 2019 Notes payable Interest expense Cash 000 000 000 0 Dec 31, 2020 Notes payable Interest expense Cash

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