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Daveco takes out a $500,000 loan that carries an interest rate of 10%. Interest on...

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Accounting

Daveco takes out a $500,000 loan that carries an interest rate of 10%. Interest on the loan is paid annually. If the borrowing occurs on October 1,20X1, how much Accrued Interest should Daveco report in the Liability section of its balance sheet on December 31,20X1?

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