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Step by step, how to get to the answer, please. On October 1, 2020, a business signed a 6%, 6-month, $110000 note payable to a
Step by step, how to get to the answer, please.
On October 1, 2020, a business signed a 6\%, 6-month, $110000 note payable to a bank. The principal amount is due at maturity, and the interest is payable bi-monthly on December 1, 2020, and February 1, 2021, and April 1, 2021 The fiscal year end is December 31 , 2020. The journal entry on February 1, 2021 will include a debit of interest payable of: Round your interim calculations and final answer to 4 decimal places. Do not include any dollar signs, percentage \% signs, commas, and/or spaces in your answer. Your answer should only include numbers. For negative numbers, use a negative sign before the number e.g. - 1021.57 Do not use brackets for negative numbers and do not leave a space between the negative sign and the numberStep by Step Solution
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