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7. Franklin, Inc. borrows $4,000 from a local bank. What are the effects on the accounting equation? A. Increase Assets $4.000, Increase Liabilities $4,000 O

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7. Franklin, Inc. borrows $4,000 from a local bank. What are the effects on the accounting equation? A. Increase Assets $4.000, Increase Liabilities $4,000 O B. Increase Assets $4,000, Increase Equity $4,000 O C. Increase Liabilities $4,000, Increase Equity $4,000 D. Decrease Assets $4,000, Increase Liabilities $4,000

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