On August 1, a $42,000, 7%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $16,004.17. The entry to record the first payment on July 31 would include:a. $14,000.00.
b. $16,004.17.
c. $14,800.00.
d. $14,400.00.
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