Question: On March 1 , Crystal Corp. issues a 3 % , $ 4 0 4 7 7 note payable. The terms of the note include

On March 1, Crystal Corp. issues a 3%, $40477 note payable. The terms of the note include monthly blended principal and interest payments of $1381. The entry to record the first instalment payment will include a debit to interest expense of (Note: Round to the nearest cent (e.g., xxx.xx), where applicable.)

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