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On January 1, 2018, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan required Lakeman-Fay to make annual payments on December 31 of $100,000
On January 1, 2018, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan required Lakeman-Fay to make annual payments on December 31 of $100,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first note payment on December 31, 2018.
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ANSWER 1 Journalize the issuance of the Note on Janauary 1 2018 Date Account Name Debit Credi...
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
