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Brewers Company agrees to lend Cubs Company $3,480,000 on September 1, 2023. Cubs Company signs a $3,480,000, 5%, 36-month note. Assume Cubs Company accrues

Brewers Company agrees to lend Cubs Company $3,480,000 on September 1, 2023. Cubs Company signs a $3,480,000, 5%, 36-month note. Assume Cubs Company accrues interest monthly and that all interest is due at maturity. What entry should Cubs Company record on September 1, 2023?

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