ProblemA Entries for and Financial Statement Presentation of a Note
Augustine Corporation borrowed $150,000 from the J.P Morgan Chase Bank on June 1, 2019. on a 3-year, 6.4% note. Interest is paid annually on May 31.
Required:
Prepare the necessary journal entries to record the repayment of the note and the last year’s interest payment on May 31, 2022.
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