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ylvestor Systems borrows $ 1 1 0 , 0 0 0 cash on May 1 5 by signing a 6 0 - day, 1 2

ylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note.
1. On what date does this note mature?
2-a. Prepare the entry to record issuance of the note.
2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.

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