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Entries for installment Note Iransactions On the first day of the fiscal year, Shiller Company...

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Accounting

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Entries for installment Note Iransactions On the first day of the fiscal year, Shiller Company borrowed $69,000 by giving a seven-year, 9% Installment note to Soros Bank. The note requires annual payments of $13,885, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $6,210 and principal repayment of $7,675

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