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On January 1, Bloomingdale, Inc. borrows $73,600 from First Estate Bank. The loan is due in one year along with 4% interest. The company is

On January 1, Bloomingdale, Inc. borrows $73,600 from First Estate Bank. The loan is due in one year along with 4% interest. The company is preparing its quarterly report for March 31. Which of the following best describes the necessary accrual for interest expense

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