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Part two (Notes Payable and Interest Payable) Your company borrows $80,000 cash on December 1, by signing a 120 day, 8% note, with a face

Part two (Notes Payable and Interest Payable) Your company borrows $80,000 cash on December 1, by signing a 120 day, 8% note, with a face value of $80,000. Answer the following questions and record the transactions noted. Record the issuance of the note on December 1. Calculate and record the journal entry for interest required on December 31st.

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