Prepare an entry-record repayment of principle at maturity, Accounting Basics

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Prepare an entry-record repayment of principle at maturity

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Q: I have a $32 million dollar 4 year 8% note. It is a term note paid off at maturity. Prepare the entries to record the first and last interest payments for the note if it was paid off at maturity. Then prepare an entry to record the repayment of principle at maturity.

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Accounting Basics: Prepare an entry-record repayment of principle at maturity

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