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Your company borrows $80,000 cash on December 1, by signing a 120 day, 8% note, with a face value of $80,000. Answer the following questions
Your company borrows $80,000 cash on December 1, by signing a 120 day, 8% note, with a face value of $80,000. Answer the following questions and record the transactions noted. Record the issuance of the note on December 1.
Calculate and record the journal entry for interest required on December 31st.
Record the payment of interest and principal at maturity.
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