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Interest accruals are calculated using a 365-day year with the day after the note was made counting as the first day. General ledger account numbers

Interest accruals are calculated using a 365-day year with the day after the note was made counting as the first day. General ledger account numbers for the journal entry are: A/C #40800 (Interest Expense) and A/C #21000 (Interest Payable). Show your calculation below.

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