Question: On August 1, a $32,400, 8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest

On August 1, a $32,400, 8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $12,572.29. The entry to record the first payment on July 31 would include:

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