Question: A long-term notes payable is signed on 1/1/20xx in exchange for $107.000 in cash. Principal in the amount of $16,000 is due annually on 12/31

A long-term notes payable is signed on 1/1/20xx in exchange for $107.000 in cash. Principal in the amount of $16,000 is due annually on 12/31 with interest paid monthly. When the loan is originally recorded on 1/1, what is the credit to the long-term notes payable account

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