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  3. a five-year, 4%, $102,000 note payable is issued o

A five-year, 4%, $102,000 note payable is issued on January 1. Terms include equal annual...

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Accounting

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A five-year, 4%, $102,000 note payable is issued on January 1. Terms include equal annual instalment payments of $22,912. The entry to record the first instalment payment will include a n Select one: credit to Interest Expense of $4,080. credit to Notes Payable of $22,912. debit to Cash of $22,912. debit to Notes Payable of $18,832

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