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Mackenzie Inc. has a $72,500 note payable at December 31. Interest in the amount of $3,625 has accrued but has not yet been paid. Both
Mackenzie Inc. has a $72,500 note payable at December 31. Interest in the amount of $3,625 has accrued but has not yet been paid. Both the note payable and the accrued interest will become due next year. How will the interest affect the adjustments at the end of the period?
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