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

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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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