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On November 1, 2012, XYZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1

On November 1, 2012, XYZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. Journalize all necessary transactions. Show your calculations.

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