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Umbrella Corporation receives $9,000 on January 1, 2021 when it issues a 3-year, 7% note payable to finance the purchase or oquipment. The terms provide

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Umbrella Corporation receives $9,000 on January 1, 2021 when it issues a 3-year, 7% note payable to finance the purchase or oquipment. The terms provide for annual blended payments of 3,430 (principal and interest) on December 31 of each year Required Prepare the journal entries required for the first 2-year instaliment payments on December 31, 2021 and December 31, 2022

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