Exercise 8-12 (Algo) Record notes payable and reclassify debt (LO8-2, 8-4) On September 1, 2024,...
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Exercise 8-12 (Algo) Record notes payable and reclassify debt (LO8-2, 8-4) On September 1, 2024, Lindsey Engineering borrows $407,000 cash. The loan is made by FirstLending, under the agreement that Lindsey will repay the principal with four payments of $101,750. Payments are due by October 1 each year, with the first payment being due October 1, 2025 (next year). Interest on the borrowing is 6%, and Lindseys year-end is December 31. Required: 1. to 3. Record the necessary
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