Question: Samco signed a 5-year note payable on January 1, 2025, of $425,000. The note requires annual principal payments each December 31 of $85,000 plus

Samco signed a 5-year note payable on January 1, 2025, of $425,000.

Samco signed a 5-year note payable on January 1, 2025, of $425,000. The note requires annual principal payments each December 31 of $85,000 plus interest at 12%. The entry to record the annual payment on December 31, 2026, includes

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