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A review of the accounting records at Corless Company revealed the following information concerning the company's Ilabilities that were outstanding at December 31, 2023 and
A review of the accounting records at Corless Company revealed the following information concerning the company's Ilabilities that were outstanding at December 31, 2023 and 2022, respectively: (Note: This is an analytical assignment involving the interpretation of financial statement disclosures.) Case 7-36 (Algo) Part a - Journal entry a-2. Corless Company has not yet made an adjustment to accrue the interest expense related to its working capital loans for the year ended December 31, 2023. Assume that the amount of interest to be accrued can be accurately estimated using an average-for-theyear interest rate applied to the average liability balance. Record the journal entry to record the effect of the 2023 interest accrual for working capital loans. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in thousands of dollars, i.e. 1,234,567
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