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On 12/31/2013, the Executive team acquired a loan for $4,000. What is the entry to record the loan upon receipt of the funds on 12/31/13?

On 12/31/2013, the Executive team acquired a loan for $4,000.

What is the entry to record the loan upon receipt of the funds on 12/31/13?

What entry is recorded when the final payment of principal ($4,000) and interest ($400) is issued on 5/31/14?

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