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The company borrowed $ 5 0 , 0 0 0 from HomeTown Financing on April 1 , 2 0 X 1 , at a 5

The company borrowed $

50, 000

from HomeTown Financing on April

1, 20

1,

at a

5 %

interest rate per annum. It credited a liability for notes payable. The principal, along with all the interest, is due on April

1, 20

2 .

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