Record the following note payable transactions of Cranmore, Corp., in the company's journal. Round intermediate interest calculations
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Record the following note payable transactions of Cranmore, Corp., in the company's journal. Round intermediate interest calculations to the nearest cent and final amounts to the nearest dollar. Explanations are not required.
2016
Apr 1 Purchased equipment costing $22,000 by issuing a one-year, 9% note payable
Dec 31 Accrued interest on the note payable
2017
Apr 1 Paid the note payable at maturity.
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