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On September 1, 2020, Peter Parker borrowed money from Jamieson Bank. The loan was for $60,000, with an interest rate of 8%. All interest and

On September 1, 2020, Peter Parker borrowed money from Jamieson Bank. The loan was for $60,000, with an interest rate of 8%. All interest and principal are due in 12 months, August 31, 2021. How much interest expense will be reported on the 2020 and 2021 income statement? What is the total liability on the balance sheet as of December 31, 2020?

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