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Question(s) / Instruction(s):

An installment note payable for a principal amount of $48,000 at 6% interest requires Lawson Company to repay the principal and interest in equal annual payments of $11,395 beginning December 31, 2008, for each of the next five years. After the final payment, the carrying amount on the note will be 1. $5,425 2. $11,395 3. $8,975 4. $0

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