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year, com $45,000, 8%, six year installment note that has annual payments of $9,734. The first payment consists of $3,600 of interest and $6,134

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year, com $45,000, 8%, six year installment note that has annual payments of $9,734. The first payment consists of $3,600 of interest and $6,134 principal payments. a. Journalize the entry to record the issuance of the note. b. Journalize the first annual payment.

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