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Benson borrowed $40,800 on March 1, 2024. The principal is due to be paid in five years. Interest is payable each March 1 at an

Benson borrowed $40,800 on March 1, 2024. The principal is due to be paid in five years. Interest is payable each March 1 at an annual rate of 10%. Prepare the adjusting entry at December 31.

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