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Universal Travel Inc. borrowed $600,000 on November 1, 2019 and signed a 12-month note bearing interest at 6%. The market rate of interest on notes

Universal Travel Inc. borrowed $600,000 on November 1, 2019 and signed a 12-month note bearing interest at 6%. The market rate of interest on notes of similar risk is 8%. Interest is payable in full at maturity on October 31, 2020. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2019, in the amount of

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