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On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment.The loan is to be repaid plus interest of 10% per year, on December 31,

On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment.The loan is to be repaid plus interest of 10% per year, on December 31, 20X2.Prepared the general journal adjusting entry (without explanation) needed for December 31, 20X1. If no entry is required then write "No Entry Required."

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