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In order to expand its business, the management of Vereos, Inc. issued a long-term notes...

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Accounting

In order to expand its business, the management of Vereos, Inc. issued a long-term notes payable for $50,000. The note will be paid over a 10-year period with equal annual principal payments, beginning in one year. The annual interest rate is 12%. Prepare the journal entry for the issuance of the note.

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