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On January 1, 2013, Fairmont Corporation Signed a Contract with the Community

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On January 1, 2013, Fairmont Corporation signed a contract with the Community Bank for a line of credit that permitted Fairmont to borrow up to $50,000. Indicate the effects of signing this contract. On January 1, 2013, Fairmont Corporation signed a contract with the Community Bank for a line of credit that permitted Fairmont to borrow up to $50,000. Indicate the effects of signing this contract.

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