Question: What is the amount and journal entry required? The Note was borrowed on February 1, 2019 and holds interest of 3%. Interest is accrued and

What is the amount and journal entry required?

The Note was borrowed on February 1, 2019 and holds interest of

The Note was borrowed on February 1, 2019 and holds interest of 3%. Interest is accrued and not paid at the end of each month (N/12). The first annual principle payment, $1,600, is due in the month of June.

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