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Borrowed 75,000 on March 1, 2023, from Downtown Bank as a long-term loan. The interest...

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Accounting

Borrowed 75,000 on March 1, 2023, from Downtown Bank as a long-term loan. The interest rate on the loan is 5% and interest for the year is payable on Jan 1, 2024. How do I calculate the adjustment of the loan for the end of 2023?

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