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Adjusting Entries for Interest At December 31, 2014, Hoffman Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2015, Hoffman also

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Adjusting Entries for Interest At December 31, 2014, Hoffman Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2015, Hoffman also had two notes payable outstanding (notes 3 and 4). These notes are described below: Required a. Prepare the adjusting entries for interest at December 31, 2014. b. Assume that the adjusting entries were made at December 31, 2014. Prepare the 2015 journal entries to record payment of the notes that were outstanding at December 31, 2014. Prepare the adjusting entries for interest at December 31, 2015

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