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On June 30, 2024, the Esquire Company sold some merchandise to a customer for $50,000....

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Accounting

On June 30, 2024, the Esquire Company sold some merchandise to a customer for $50,000. In payment, Esquire agreed to accept a 5% note requiring the payment of interest and principal on March 31, 2025. The 5% rate is appropriate in this situation.

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Complete this question by entering your answers in the tabs below. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over- or understated in 2024 and 2025? Note: Do not round intermediate calculations

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