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Problem 6 The Sunset Inn invested $100,000 in a 180 -day certificate of deposit on May 31, 20X5. The annual interest rate is 3 percent.

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Problem 6 The Sunset Inn invested $100,000 in a 180 -day certificate of deposit on May 31, 20X5. The annual interest rate is 3 percent. Assume a banking year of 360 days. Required: 1. Determine the interest income for June. 2. Prepare the adjusting entry to record the earned interest income. 3. Determine the interest income for the 180 -day investment period

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