Transaction History:

Purchased franchise to sell Crispy Cook grills for 10 years. Paid $20,000 cash and signed a 10- year note for $40,000 with 10% annual interest. $4,000 of the principal on the note is to be paid each year on January 1. The first payment will be on January 1, 20X2. Interest is to be paid twice each year, on July 1 and January 1.

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