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Red Industries is the payee of a $6,000, 5-month, 10% note written by Blue Industries on January 1. Reds fiscal year ends on March 31.

Red Industries is the payee of a $6,000, 5-month, 10% note written by Blue Industries on January 1. Reds fiscal year ends on March 31. Given this situation, what accounting entries should Red make to accrue interest on the note on the last day of its fiscal year?

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