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On July 1, 2020 Daniels Inc. borrowed $500,000 under a 8% promissory note that will be due on June 30, 2021. Record the journal entries

On July 1, 2020 Daniels Inc. borrowed $500,000 under a 8% promissory note that will be due on June 30, 2021. Record the journal entries to accrue interest on this note as of December 31, 2020, and to pay it off on June 30, 2021.

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