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You are the accountant for XYZ Company. The company borrows $600,000 at an annual interest rate of 6% to be repaid in monthly payments of

You are the accountant for XYZ Company. The company borrows $600,000 at an annual interest rate of 6% to be repaid in monthly payments of interest and principal over 6 years.

Prepare a monthly amortization schedule for the loan.
Prepare the journal entry to record the first payment on the loan.

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