On August 1, Year 1 Gin Company borrowed $50,000 cash. The one-year note carried a 6% rate of interest. Which of the following shows how the December 31, Year 1 recognition of accrued interest will affect Gin's financial statements?

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The Answer of On August 1, Year 1 Gin Company borrowed $50,000 cash. The one-year note carried a 6% rate of interest. Which of the following shows how the December 31, Year 1 recognition of accrued interest will affect Gin's financial statements?

On August 1, Year 1 Gin Company Borrowed $50,000 Cash