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On September 1, 2020, Ogden Company borrowed $645,000 from University Federal Credit Union. The loan has an 9-year term and a 6% interest rate. Payments

On September 1, 2020, Ogden Company borrowed $645,000 from University Federal Credit Union. The loan has an 9-year term and a 6% interest rate. Payments of $94,829 will be made every year, beginning August 31, 2021.

Record the necessary adjusting entry for Ogden Company on December 31, 2020.

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