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On January 1, 2020 Malone borrowed $150,000 in exchange for a 4 year zero interest note. The normal borrowing rate for Malone is 8%. Record

On January 1, 2020 Malone borrowed $150,000 in exchange for a 4 year zero interest note. The normal borrowing rate for Malone is 8%.

Record the necessary journal entries at 1/1/20, 12/31/20 and 12/31/21

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