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On 10/1/2018, Marley Company issues a 3-year interest bearing note payable with a face value...

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Accounting

On 10/1/2018, Marley Company issues a 3-year interest bearing note payable with a face value of $60,000 to Nelson Company in exchange for equipment. The note has a stated interest rate of 4%, which is compounded annually. Interest payments are due on 10/1 of each year.

What would the journal entry at 12/31/18 be based on this transaction?

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