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On January 1, 2022 Lincoln Inc. borrowed $340,000 cash from iLend and issued a five-year, $340,000, 4% note. Interest was payable annually on December

On January 1, 2022 Lincoln Inc. borrowed $340,000 cash from iLend and issued a five-year, $340,000, 4% note. Interest was payable annually on December 31. Required: Prepare the journal entry for Lincoln Inc. to record interest at December 31, 2022.

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