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on January 1st of this year, we signed the long-term note payable of $40,000. the...

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Accounting

on January 1st of this year, we signed the long-term note payable of $40,000. the note payable calls for 6% interest and is a 5-year note. assume that we make $5000 payments each December 31st. Make the entry to record the payment (both principle and interest). note that you also need to break out current and long-term notes payable amounts for the financial statements.

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