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On September 30, 2017, Hoffman Co. borrowed $900,000 on a 9% note payable. Hoffman paid the first of four quarterly payments of $260,000 when due

On September 30, 2017, Hoffman Co. borrowed $900,000 on a 9% note payable. Hoffman paid the first of four quarterly payments of $260,000 when due on December 30. Provide the appropriate adjusting entry for the note at December 31, 2017.

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