On July 1, 2013, Ferrero Inc. purchased merchandise inventory for $500,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 8%. Provide the journal entry at the end of December for payment of the note.

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The Answer of On July 1, 2013, Ferrero Inc. purchased merchandise inventory for $500,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 8%. Provide the journal entry at the end of December for payment of the note.