Burt Products, Inc. borrowed $645,000 by issuing an eight-month note on June 1 of the...
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Burt Products, Inc. borrowed $645,000 by issuing an eight-month note on June 1 of the current year. The note is due on February 1 of the following fiscal year. The short-term note carries a 10 % annual interest rate, with interest due at maturity. The company's fiscal year ends on December 31. Prepare the journal entry required to record Burt's full payment of the note at maturity.
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