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On January 1, $53,000 cash is borrowed from a bank in return for a 7% installment note with 24 monthly payments of $2,373 each. (Round

On January 1, $53,000 cash is borrowed from a bank in return for a 7% installment note with 24 monthly payments of $2,373 each. (Round your answers to the nearest whole dollars.) 1. Prepare the journal entry to record the issuance of the note. 2. Prepare the journal entry to record the first monthly interest payment.

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