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Sandy Beach borrowed $150,000 from The Northern State Bank on September 1, 2020 and signed a 5% one-year note payable with all interest and principal
Sandy Beach borrowed $150,000 from The Northern State Bank on September 1, 2020 and signed a 5% one-year note payable with all interest and principal due at maturity. The interest on this loan is stated separately. (a) The amount Beach must pay on September 1, 2021, when the note matures is $ $ (b) The interest expense Beach will recognize on this note in 2021 is (c) At December 31, 2020, Sandy Beach's overall liability for this loan amounts to $. (d) Prepare the adjusting entry made by Sand Beach on December 31, 2020, with respect to this note. Show all responses in the space below or via an uploaded Excel file. Show all work
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