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Where did the number $15,142 come from? Why? Multiple Select Question Select all that apply A company borrows $70,000 by signing a $70,000,8%, 6-year note
Where did the number $15,142 come from? Why?
Multiple Select Question Select all that apply A company borrows $70,000 by signing a $70,000,8%, 6-year note that requires equal payments of $15.142 at the end of each year. The first payment will record interest expense of $5,600 and will reduce principal by $9,542. The journal entry to record this transaction will include a debit to which of the following accounts and for how much? (Check all that apply) Interest Payable; $5,600 Notes Payable, $9.542 Interest Expense $5,600 Cash, $15,142 Step by Step Solution
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