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Interest is calculated by multiplying the principal times the annual interest rate times the time period the note is outstanding. On September 1, Banner Co.

Interest is calculated by multiplying the principal times the annual interest rate times the time period the note is outstanding. On September 1, Banner Co. borrowed $70,000 from the City Bank for five months at 9%. Which journal entry will Banner Co. make on December 31 before issuing its financial statements

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