Business, 02.11.2020 16:50, marahsenno

On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $85,155 annual payment at December 31, what amount goes toward interest expense

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On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note fo...