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Problem 2 On January 1 , 2 0 X 1 , ABC Corporation borrowed $ 4 0 , 0 0 0 on a two -
Problem On January X ABC Corporation borrowed $ on a twoyear interest
bearing note from Regional Bank at an annual interest rate of percent. Interest is payable yearly on January and ABC records adjusting entries yearly on December
a Record the entry for the note on January X
b Make an adjusting entry on December X to accrue interest on the note.
c Record the interest payment on the note on January X
d Record the payment of note on January X
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