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A corporation accrues $1,000 of interest at the end of 2022 . The interest will be paid in 2023 . Explain the effect on the

A corporation accrues $1,000 of interest at the end of 2022 . The interest will be paid in 2023 . Explain the effect on the income statement and balance sheet when the corporation accrues this liability at the end of 2022

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