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On January 1, 2021, Walmart borrowed $15,000,000 cash from TD Bank and issued a four-year, $15,000,000, 4% note. Interest was payable annually on December 31.

On January 1, 2021, Walmart borrowed $15,000,000 cash from TD Bank and issued a four-year, $15,000,000, 4% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2021

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