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XYZ Co. borrowed $40,000 on April 1, yr 1 from ABC Bank. It had a 1yr term at 8% interest. What are the amounts of
XYZ Co. borrowed $40,000 on April 1, yr 1 from ABC Bank. It had a 1yr term at 8% interest. What are the amounts of total liabilities as December 31 for Yr1 & Yr2, respectively?
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