Question: Pharoah Lake Corp. issues a $552,000, 4-year, 3% note payable on March 31, 2021. The terms provide for fixed principal payments annually of $138,000. (a)

Pharoah Lake Corp. issues a $552,000, 4-year, 3% note payable on

Pharoah Lake Corp. issues a $552,000, 4-year, 3% note payable on March 31, 2021. The terms provide for fixed principal payments annually of $138,000. (a) Prepare the journal entries to record the note on March 31, 2021, and the first payment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date Mar. 31, 2021 (To record issuance of note.) Mar. 31, 2022 (To record payment on note.)

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