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The company previously took out a loan from a bank that has a principal balance of $58,966 with an annual interest rate of 5.8%. The

The company previously took out a loan from a bank that has a principal balance of $58,966 with an annual interest rate of 5.8%. The company makes an annual payment on this loan every year on February 28.

Describe the effects of this transaction on the accounting equation in terms of debits and credits

assets=liabilities+equity

Prepare the appropriate journal entry for this transaction accountname debit or credit

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