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Business, 05.03.2020 07:29 TrueKing184

On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. The note requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $11,942. The journal entry to record the payment of the first annual amount due on the note would include a

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On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank...
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