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John Wood is negotiating a bank loan for his company, Wood, Inc., of USD 16,000 for 90 days. The bank's current interest rate is 10

John Wood is negotiating a bank loan for his company, Wood, Inc., of USD 16,000 for 90 days. The bank's current interest rate is 10 per cent. Prepare Wood's entries to record the loan under each of the following assumptions:

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