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  3. on october 1, 2022, abc borrows $20,000 from the b

On October 1, 2022, ABC borrows $20,000 from the bank. The loan is to be...

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Accounting

On October 1, 2022, ABC borrows $20,000 from the bank. The loan is to be repaid on March 31, 2023. The annual interest rate on the loan is 10%. All interest should be calculated monthly (not daily). Given this information, what is the total is the impact to the income statement for the year ended December 31, 2022?

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