Question: on sep 1 2022, ramsey issued a $5,000,000 note payable, due to be repaid on Aug 31, 2032. The note bears a 8% interest rate

on sep 1 2022, ramsey issued a $5,000,000 note payable, due to be repaid on Aug 31, 2032. The note bears a 8% interest rate paid annually beginning on Aug 31, 2023. Accrue the interest expense and related liability as of Dec 31,2022 for the interest due on Aug 31, 2023 and post the Journal Entry.

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