On January 1, Year 1, Civic Company borrowed $200,000 on a 10-year, 7% installment note...
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Accounting
On January 1, Year 1, Civic Company borrowed $200,000 on a 10-year, 7% installment note payable. The terms of the note require Civic to pay 10 equal payments of $25,000 each December 31 for 10 years. The required general journal entry to record the first payment on the note on December 31, Year 1 is _____.
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