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On January 1, 2017, Barth Company purchased equipment and signed a six-year mortgage note for...

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Accounting

On January 1, 2017, Barth Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal annual installments of $42,278, beginning January 1, 2018. Prepare the journal entry for the first payment.

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