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Warden Corp. borrowed $600,000 cash on September 1, 2014, and signed a one-year 5%, interest-bearing note payable. The interest and principal are both due on
Warden Corp. borrowed $600,000 cash on September 1, 2014, and signed a one-year 5%, interest-bearing note payable. The interest and principal are both due on August 31, 2015. Assume that the appropriate adjusting entry was made on December 31, 2014 and that no adjusting entries have been made during 2015. What is the required journal entry when the note is paid on August 31, 2015?
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