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The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31,

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The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Interest expense Debit Credit 61,560 Interest payable 61,560 Rent expense 40,000 Prepaid rent 40,000 Interest receivable 1,650 Interest revenue 1,650 ces Additional information: 1. The company borrowed $684,000 on March 31, 2021. Principal and interest are due on March 31, 2022. This note is the company's only interest-bearing debt. 2. Rent for the year on the company's office space is $48,000. The rent is paid in advance. 3. On October 31, 2021, Eldorado lent money to a customer. The customer signed a note with principal and interest at 9.0% due in one year.

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