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Lucy Company signed a 4 year, 6.5%, $160,000 note payable. They are required to...

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Accounting

Lucy Company signed a 4 year, 6.5%, $160,000 note payable. They are required to make annual payments of $40,000 (principal), and interest owed.

a. Journalize the issuance of the note

b. Journalize the first two annual payments

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