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Prepare the adjusting Journal Entries for the year ended

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Question - Accounting Question - Topic: Bank Loan - Interest on a bank loan is 2.75% annually. Interest has to be paid on January 7, 2021; for 2020. The entire amount of the loan ($4,000,000) was outstanding during the entire year. No payments were made during the year. Of the bank loan, $1,000,000 is due June 30, 2021 with the remainder due June 30, 2026.

Required - Prepare the adjusting Journal Entries for the year ended December 31, 2020?

Reference no: EM132742061

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