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Problem 1: TK Enterprises borrowed $200,000 on November 1, 2022 to meet upcoming working capital needs. TK issued a five-month, 7% promissory note to First

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Problem 1: TK Enterprises borrowed $200,000 on November 1, 2022 to meet upcoming working capital needs. TK issued a five-month, 7% promissory note to First Bank under a prearranged line of credit. Interest on the note is payable at maturity. TK's fiscal year-end is December 31st. REQUIRED: 1-1 Prepare the journal entry to record the issuance of the note by TK. 1-2 Prepare the journal entries that TK will subsequently record related to the

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