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On January 1, 2024, Brazos Company purchased equipment and signed a six-year mortgage note for $93,000 at 15%. The note will be paid in
On January 1, 2024, Brazos Company purchased equipment and signed a six-year mortgage note for $93,000 at 15%. The note will be paid in equal annual installments of $24,574, beginning January 1, 2025. On January 1, 2025, the journal entry to record the first installment payment will include a whole number.) (Round your answer to the nearest A. credit to Mortgage Payable for $93,000 B. credit to Cash for $10,624 C. debit to Interest Expense for $13,950 D. debit to Mortgage Payable for $24,574
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