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On January 1, Year XXX1, Fleming Company borrowed $160,000 cash from the First Trust Bank by issuing a five-year 8 % term note. The principal

On January 1, Year XXX1, Fleming Company borrowed $160,000 cash from the First Trust Bank by issuing a five-year 8 % term note. The principal and interest are repaid by making annual payments beginning on December 31, Year XXX1. The annual payment on the loan was $40,074.The amount of principal repayment included in the December 31, Year XXX1 payment is:

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