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On September 1st Sun Company borrowed $400,000 from a bank in the form of a loan. The loan principal and interest is all due at
On September 1st Sun Company borrowed $400,000 from a bank in the form of a loan. The loan principal and interest is all due at the end of the loan term in 5 years. Sun Company records adjusting entries monthly on the last day of each month. The annual interest rate is 8%. Assuming all other entries were made correctly, what is the impact on the liabilities from just the November 30th transaction?
(Round to the nearest whole number)
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