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B. On June 5, Scavenger Company borrowed $125,000 from BC Bank. The loan had an interest rate of 10% and was due in 90 days.

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B. On June 5, Scavenger Company borrowed $125,000 from BC Bank. The loan had an interest rate of 10% and was due in 90 days. Scavenger Company's fiscal year-end is December 31. Prepare the journal entry to record the payment of the note on Scavenger's books (6 marks). Show calculation for marks

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