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On January 1, Year 1, Stratton Company borrowed $180,000 on a 10-year, 8% installment note...

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Accounting

On January 1, Year 1, Stratton Company borrowed $180,000 on a 10-year, 8% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $26,825 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is:

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