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Y8 On February 1, Year 1, borrowed $47,000 cash from the local bank. The note had a 7 percent interest rate and was due on

Y8 On February 1, Year 1, borrowed $47,000 cash from the local bank. The note had a 7 percent interest rate and was due on June 1, Year 1. Cash sales for the year amounted to $235,000 plus sales tax a...

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