Karl Company borrowed $25,000 on a two-year, 12% note dated October 1, 2002. Interest is payable annually

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Karl Company borrowed $25,000 on a two-year, 12% note dated October 1, 2002. Interest is payable annually on October 1, 2003, and October 1, 2004, the maturity date of the note. The company prepares its financial statements on a calendar-year basis. Prepare all journal entries relating to the note for 2002, 2003, and 2004.

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