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On August 1, Year 1 Gin Company borrowed $50,000 cash. The one-year note carried a 6% rate of interest. Which of the following shows how

On August 1, Year 1 Gin Company borrowed $50,000 cash. The one-year note carried a 6% rate of interest. Which of the following shows how the December 31 , Year 1 recognition of acerued interest will affect Gin's financial statements? Multiple Choice Choice A

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