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Cornerstone Exercise 8-22 (Algorithmic) Accrued Interest On May 1, Astrauckas, Inc. borrowed $39,000 from the Savings Bank of Scotville on a 1-year, 7% note. Required:

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Cornerstone Exercise 8-22 (Algorithmic) Accrued Interest On May 1, Astrauckas, Inc. borrowed $39,000 from the Savings Bank of Scotville on a 1-year, 7% note. Required: If the company keeps its records on a calendar year, what adjusting entry should Astrauckas make on December 317 Dec. 31 (Record accrual of interest expense)

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