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31-03-2024
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On august 1, 2024 an aeronautic electronics company, borrows $19.4 million cash to expand operations. The loan is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. interest is payable at maturity. Trico’s year-end is December 31. Record the asjusting entry for interest

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