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On May 2, McLain Company lends $9,000 to Chang, Inc., issuing a 6-month, 9% note. At the maturity date, November 2, Chang indicates that it

On May 2, McLain Company lends $9,000 to Chang, Inc., issuing a 6-month, 9% note. At the maturity date, November 2, Chang indicates that it cannot pay.

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