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On January 1, 2020 Truffle Corp entered into a five-year installment note for $100,000 at 7% interest. The note requires a monthly payment of $1,980,

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On January 1, 2020 Truffle Corp entered into a five-year installment note for $100,000 at 7% interest. The note requires a monthly payment of $1,980, Question 1: The journal entry to record the payment on January 31, 2020 will include a: Debit of $583 to interest expense Question 2: What is the new Carrying Value of the Note Payable after the journal entry? $98,603

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