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On April 12, Hong Company agrees to accept a 60-day, 10% $5,300 note from Indigo Company to extend the due date on an overdue account.

On April 12, Hong Company agrees to accept a 60-day, 10% $5,300 note from Indigo Company to extend the due date on an overdue account. What is the journal entry needed to record the transaction by the Indigo Company

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