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Franklin Company issued a $40,000 note to the Mercantile Bank on August 1, Yeart. The note carried a one-year term and a 12% rate of

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Franklin Company issued a $40,000 note to the Mercantile Bank on August 1, Yeart. The note carried a one-year term and a 12% rate of interest. How will the adjustment, dated December 31, Year 1, to record accrued interest expense impact the elements of the financial statements

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