Question: On March 3 1 , 2 0 2 3 , Zambrano lent a customer $ 4 2 , 0 0 0 . Interest at 8

On March 31,2023, Zambrano lent a customer $42,000. Interest at 8% is payable annually on each March 31. Principal is due in 2027.
The annual insurance payment is paid in advance on April 30. The policy period begins on May 1.
On October 31,2024, Zambrano borrowed $85,000 from a local bank and signed a note promising repayment. Principal and interest at 6% are due on October 31,2025.
Annual rent on the companys facilities is paid in advance on June 30. The rental period begins on July 1.

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