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On January 1, 2024, Berliner Company signed a $1,000,000, 5-year, 7% note. The loan required Berliner to make annual payments on December 31 of $200,000
On January 1, 2024, Berliner Company signed a $1,000,000, 5-year, 7% note. The loan required Berliner to make annual payments on December 31 of $200,000 principal plus interest. A. Journalize the issuance of the note on January 1, 2024. No explanation is required. B. Complete the Long-term note payable amortization schedule
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