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On December 1, 2019, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due on March 1, 2020. Answer the following:

  1. On December 1, 2019, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due on March 1, 2020. Answer the following:
    1. Compute interest expense for 2019.
    2. Prepare the journal entry for March 1, 2020.

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