On January 1, 2018, Diana CO. borrowed cash from Third Bank by issuing a $42,000 face value,
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On January 1, 2018, Diana CO. borrowed cash from Third Bank by issuing a $42,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $12,121
that include both interest and principal on December 31 of each year. Diana used the proceeds from the loan to purchase land that generated rental revenues of $22,260 cash per year. Organize the information in accounts
under an accounting equation
Related Book For
Survey of Accounting
ISBN: 978-1259631122
5th edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay
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