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10%

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Micro Company borrowed $30,000 from a local.bank on a 15 -year mortgage on Aug. 1 The annual interest rate is 10%. Prepare the adjusting entry needed on Dec. 31. Micro Company borrowed $30,000 from a local.bank on a 15 -year mortgage on Aug. 1 The annual interest rate is 10%. Prepare the adjusting entry needed on Dec. 31