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Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,
n the bank by signing a $63,600,6%, 1-year note payable. ceeds of the note and (b) accrued interest at December 31, assuming
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Answer #1

ANSWER:

assets liabilities stockholders equity
a

cash

$63600

notes payable

$63600

-
b -

interest payable

$1908

expense

$1908

interest expense = $63600 x 6% x (6/12) = $1908

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