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3 of 10 - 71 III Watunga Bank agrees to lend Hoffman Granite Company 600,000 on January 1. Hoffman Granite Company signs a 600,000, 8%,

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3 of 10 - 71 III Watunga Bank agrees to lend Hoffman Granite Company 600,000 on January 1. Hoffman Granite Company signs a 600,000, 8%, 9-month note. What entry will Hoffman Granite make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? Notes Payable 600,000 Interest Payable 36,000 Cash 636,000 Interest Payable 24,000 Notes Payable 600,000 Interest Expense 12,000 Cash 636,000 Notes Payable 636,000 Cash 636,000 Interest Expense 36,000 TIL

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