Silmaril, Inc., borrowed $25,000 from First National Bank by issuing a three-year, 10% note dated July 1, 2002. Interest is payable semiannually on December 31 and June 30. The principal amount is to be repaid in full on June 30, 2005. Silmaril, Inc., reports on a calendar- year basis. Prepare all journal entries relating to the note during 2002, 2003, 2004, and 2005.
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