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What entry would anaheim national bank

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Reference no: EM131104088

1. Selanne Enterprises made the following entry on December 31, 2005.

a) Dec. 31, 2005 Interest Expense 10,000
b) Interest Payable 10,000
(To record interest expense due on loan from Anaheim National Bank.)

What entry would Anaheim National Bank make regarding its outstanding loan to Selanne Enterprises? Explain why this must be the case. 

Reference no: EM131104088

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