In order to expand business, the management of Vereos Inc. decided to issue long-term notes payable for $50,000. The instrument carries interest at the rate of 12% with 10 equal yearly installments, beginning in one year. What will be the journal entry at the inception?

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The Answer of In order to expand business, the management of Vereos Inc. decided to issue long-term notes payable for $50,000. The instrument carries interest at the rate of 12% with 10 equal yearly installments, beginning in one year. What will be the journal entry at the inception?

In Order to Expand Business, the Management of Vereos Inc