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On 1 September, Deltan loans $8,000 cash to Kelpien. Kelpien issues Deltan a note promising to repay the loan, with 4% interest, in one year.

On 1 September, Deltan loans $8,000 cash to Kelpien. Kelpien issues Deltan a note promising to repay the loan, with 4% interest, in one year. What is the amount of accrued interest on the note receivable that Deltan should record on 31 December?

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