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Edson Hospital obtained a six-month loan of $24,000 from a bank on August 1, 20X1, paying 10 percent interest in advance. The interest was debited

Edson Hospital obtained a six-month loan of $24,000 from a bank on August 1, 20X1, paying 10 percent interest in advance. The interest was debited to interest expense. Required: Assuming that adjustments are made annually on December 31 only, prepare the necessary adjusting entry for December 31, 20X1.

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