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Castalia borrows $ 3 0 , 0 0 0 on a 7 % , 2 - year note on November 1 . Assuming the company

Castalia borrows $30,000 on a 7%,2-year note on November 1. Assuming the company
prepares adjusting entries annually, what is the amount of Interest Expense recorded on
December 31, to the nearest dollar?
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