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On January 1, $67,000 cash is borrowed from a bank in return for a 5% installment note with 24 monthly payments of $2,939 each. Note:
On January 1, $67,000 cash is borrowed from a bank in return for a 5% installment note with 24 monthly payments of $2,939 each. Note: Round your answers to the nearest whole dollars. Prepare the journal entry to record the issuance of the note. Prepare the journal entry to record the first monthly interest payment
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