On January 1,2012,Spencer Corporation signed a contract with the Mid-Rivers Bank for a line of credit that permitted Spencer to borrow up to $50,000.Indicate the effects of signing this contract.

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The Answer of On January 1,2012,Spencer Corporation signed a contract with the Mid-Rivers Bank for a line of credit that permitted Spencer to borrow up to $50,000.Indicate the effects of signing this contract.

On January 1,2012,Spencer Corporation Signed a Contract with the Mid-Rivers