Business, 05.12.2019 06:31 danielahalesp87vj0

On the first day of the fiscal year, hawthorne company obtained an $88,000, seven-year, 5% installment note from sea side bank. the note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. the first payment consists of interest of $4,400 and principal repayment of $10,808. the journal entry hawthorne would record to make the first annual payment due on the note would include a:

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