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Question 1 Latvia Limited made a loan to Lithuania Incorporated in exchange for a $250,000 note on July 1, 2021. This note is for a period of seven years, with interest at 4% quarterly. Assume the market rate for comparable loans is 8%. Prepare the journal entry in good form for Latvia Limited's books. Show all your calculations (including amounts for variables, e.g. N=X,1=Y, etc.). (9 marks)