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Years 6) Installment Note issuance. January 1, year 1, Mickey Company issues the following installment note to Bank of Bank: $30,000 Principal amount of note

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Years 6) Installment Note issuance. January 1, year 1, Mickey Company issues the following installment note to Bank of Bank: $30,000 Principal amount of note 8% Interest rate 5 years Term of note $6,525 Annual payments Record the entry for the issuance of this note on January 1 Record the entry for the first payment on December 31, Year 1

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