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A company has a long-term loan on which it is making annual payments of $30,000. This year, the $30,000 payment is composed of $28,000 in interest and $2,000 that goes toward repaying the loan.
Problem 1: What is needed in the journal entry to record this $30,000 cash loan payment?
A. Debit to loan payable for $30,000B. Credit to loan payable for $2,000C. Credit to interest expense for $30,000D. Debit to interest expense for $28,000
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