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2. On May 1, 20X0, your company borrows $100,000 and signs a 10%,5 year note agreeing to pay the principal and all accrued interest at

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2. On May 1, 20X0, your company borrows $100,000 and signs a 10%,5 year note agreeing to pay the principal and all accrued interest at maturity. In January of 20X1, before the books are closed, you discover that no interest was acerued for 20Z. a. What is the correcting journal entry? b. If no correcting journal entry is recorded, how are the 20RO income statement and balance sheet, respectively, affected

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