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

On January 1, 20X1, Weislin Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. What adjusting entry is needed on December 31, 20X1? (Note: Write out journal entry in proper form)

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