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Problem Six On December 3 1 , 2 0 1 5 , Aye Corporation borrowed $ 5 0 , 0 0 0 by signing a
Problem Six
On December Aye Corporation borrowed $ by signing a installment note that is to be repaid in annual payments, the first of which is due on December
Required:
a Prepare a journal entry to record the issuance of the note
b Assuming that payments consist of accrued interest with equal principal payments, journalize the first two payments.
c Independent of b assuming that the note requires equal payments, journalize the first two payments.
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