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M9-4 LO9-3 Recording a Note Payable Wygant Corporation borrowed $290,000 on October 1 last year. The note carried a 10% interest rate with the principal

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M9-4 LO9-3 Recording a Note Payable Wygant Corporation borrowed $290,000 on October 1 last year. The note carried a 10% interest rate with the principal and interest payable on May 1 this year. Prepare the journal entry to record the note on October 1. Prepare the adjusting entry to record accrued interest on December 31, the end of Wygant's fiscal year

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