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On January 1, 2020 Fungi Corp entered into a three-year installment note for $100,000 at 5% interest. The note requires a monthly payment of $2,997.

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On January 1, 2020 Fungi Corp entered into a three-year installment note for $100,000 at 5% interest. The note requires a monthly payment of $2,997. Question 1: The journal entry to record the payment on January 31, 2020 will include a: Question 2: What is the new Carrying Value of the Note Payable after the journal entry

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