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Candle Company borrowed $56,800 on September 30, 2021. The loan had a 4% interest rate and is due on September 30, 2022. Round your

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Candle Company borrowed $56,800 on September 30, 2021. The loan had a 4% interest rate and is due on September 30, 2022. Round your answers below to the nearest dollar. 1. Show how Candle Company will record the transaction when the money is borrowed on September 30, 2021. Cash 56800 Notes Pay. Interest + Pay. + Common Stock Retained Net + Earnings Revenue Expenses = Income Cash Flow 2. Calculate the interest incurred by Candle Company during 2021. 3. Show how the interest will be recorded in Candle Company's accounting records on December 31, 2021. Net Cash = Notes Pay. Interest + Pay. Common + Retained Stock + Earnings Revenue Expenses = Income Cash Flow 4. Summarize how the interest will impact Candle Company's income statement for the year ended December 31, 2021.

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