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On January 1, 2022, a 56,000,5 year, 10% note payable is issued in exchange for...

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Accounting

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On January 1, 2022, a 56,000,5 year, 10% note payable is issued in exchange for new equipment. The terms of the note require an annual interest payme annual principal payment each December 31. The total cash payment on December 31, 2022 amounts to $,800$2,400$1,680$1,200

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