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Kinsella Seed borrowed $ 5 0 0 , 0 0 0 on September 1 , 2 0 1 9 , at 6 % annual interest

Kinsella Seed borrowed $

500, 000

on September

1, 2019,

6 %

annual interest rate. The interest and principal are due on September

1, 2020 .

Kinsella's fiscal year ends at December

31 .

What journal entry should be made with respect to the interest payment on September

1, 2020 ?

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