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Question 6- (6 marks) Benjamin Co. borrowed money on September 1, 2020. The loan had the following terms. Length: 7 years 8% Interest: Amount:

Question 6- (6 marks) Benjamin Co. borrowed money on September 1, 2020. The loan had the following terms. Length: 7 years 8% Interest: Amount: $50,000 Payments per year: 1 Benjamin Co. has a year end of December 31. NOTE: You may use your financial calculator or you may use the present value annuity factor, which is 5.2064. REQUIRED: Journalize the accrual on December 31 and the 1st payment on Aug 31, 2021 below:

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