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Thompson Company purchased a building for $90,000 on December 1 in exchange for a oneyear loan at 10% with interest and note to be paid

Thompson Company purchased a building for $90,000 on December 1 in exchange for a

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loan at 10% with interest and note to be paid one year later. Assuming the company uses the accrual basis, what would be the adjusting entry on December 31?

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