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Crane National Bank agrees to lend Pina Colada Company $70000 on January 1. Pina Colada Company signs a $70000, 6-month, 4% note. What is the

Crane National Bank agrees to lend Pina Colada Company $70000 on January 1. Pina Colada Company signs a $70000, 6-month, 4% note. What is the adjusting entry required if Pina Colada Company prepares financial statements on June 30? interest payable Cash 1400 1400 interest payable Interest expense 1400 1400 Interest expense cash 1400 1400 Interest expense Interest Payable 1400 1400

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