Journalize the issuance of the note on january one, Financial Accounting

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Journalize the issuance of the note on january one

Problem

On January 1, 2014, Fox Corporation signed an $80,000, four-year, 4% note. The loan required Fox to make payments annually on December 31 of $20,000 principal plus interest.

• Journalize the issuance of the note on January 1, 2014.
• Journalize the first payment on December 31, 2014.

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Financial Accounting: Journalize the issuance of the note on january one

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Financial Accounting: Journalize the issuance of the note on january one

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