Question: Problem 9-97A (Algorithmic) Entries for and Financial Statement Presentation of a Note Perez Company borrowed $51,000 from the First National Bank on April 1, 2013,

Problem 9-97A (Algorithmic) Entries for and Financial Statement Presentation of a Note

Perez Company borrowed $51,000 from the First National Bank on April 1, 2013, on a 3-year, 8.7% note. Interest is paid annually on April 1.

If required, round amounts to the nearest dollar.

Required

Record the borrowing transaction in Perez

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