Question: Culver Corporation issues a $692,000, 5%, five-year note payable on January 1, 2024. The terms provide for semi-annual blended payments of $79,067 on July 1

Culver Corporation issues a $692,000, 5%, five-year note payable on January 1, 2024. The terms provide for semi-annual blended payments of $79,067 on July 1 and January 1.

Prepare the journal entries to record the note on January 1, 2024, and the first instalment payment.

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