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On January 1st, 2021, Penny signs a $3,000 10% 2-year note in exchange for inventory. Assuming she doesnt pay interest at the end of the

On January 1st, 2021, Penny signs a $3,000 10% 2-year note in exchange for inventory. Assuming she doesnt pay interest at the end of the first year but accrues it, make the December 31, 2021 journal entry.

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