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Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2013,...

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Accounting

Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2013, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm

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