On January 1, 2015, a $60,000, 6%, 6-year installment note payable is issued by the Terry Corporation. The note requires that $10,000 of principal plus accrued interest be paid at the end of each year December 31). The journal entry to record the secondannual payment would include:

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The Answer of On January 1, 2015, a $60,000, 6%, 6-year installment note payable is issued by the Terry Corporation. The note requires that $10,000 of principal plus accrued interest be paid at the end of each year December 31). The journal entry to record the secondannual payment would include:

On January 1, 2015, a $60,000, 6%, 6-Year Installment Note