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M&R Company has a $7,000 bank loan and has incurred (but not recorded) 7% interest expense of $490 for the year ended December 31. The

M&R Company has a $7,000 bank loan and has incurred (but not recorded) 7% interest expense of $490 for the year ended December 31. The company will pay the $490 interest in cash on January 2 following the companys year-end. Record the Journal Entry as of December 31st

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