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On January 1, 2024, Lambert-Fisher signed a $240,000, 12-year, 13% note. The loan required Lambert-Fisher to make annual payments on December 31 of $20,000
On January 1, 2024, Lambert-Fisher signed a $240,000, 12-year, 13% note. The loan required Lambert-Fisher to make annual payments on December 31 of $20,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2024. 2. Journalize the first note payment on December 31, 2024.
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Intermediate Financial Management
Authors: Eugene F. Brigham, Phillip R. Daves
11th edition
978-1111530266
