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On August 31, 2021, Shocker borrows $58,000 from a local bank. A note is signed with principal and 9% interest to be paid on August

On August 31, 2021, Shocker borrows $58,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022. Record the adjusting entry for interest for Shocker at its year-end of December 31.

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