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On January 1,2016,the Niagara Corporation arranges a $6,000 line of credit with the Centennial Bank.It accepted the bank's offer of 1% above the prime rate with interest payments on December 31 of each year.All borrowings and repayments are to take place on January 1 of each year.
-Niagara records the first year's interest payment on December 31,2016.Centennial's prime rate is 4% for 2016.Which of the following answers shows the effect of this event on the financial statements?
Use the following to answer questions On January 1,2016,the Niagara Corporation arranges a $6,000 line of credit with the Centennial Bank.It accepted the bank's offer of 1% above the prime rate with interest payments on December 31 of each year.All borrowings and repayments are to take place on January 1 of each year. -Niagara records the first year's interest payment on December 31,2016.Centennial's prime rate is 4% for 2016.Which of the following answers shows the effect of this event on the financial statements? Use the following to answer questions On January 1,2016,the Niagara Corporation arranges a $6,000 line of credit with the Centennial Bank.It accepted the bank's offer of 1% above the prime rate with interest payments on December 31 of each year.All borrowings and repayments are to take place on January 1 of each year. -Niagara records the first year's interest payment on December 31,2016.Centennial's prime rate is 4% for 2016.Which of the following answers shows the effect of this event on the financial statements? Use the following to answer questions On January 1,2016,the Niagara Corporation arranges a $6,000 line of credit with the Centennial Bank.It accepted the bank's offer of 1% above the prime rate with interest payments on December 31 of each year.All borrowings and repayments are to take place on January 1 of each year. -Niagara records the first year's interest payment on December 31,2016.Centennial's prime rate is 4% for 2016.Which of the following answers shows the effect of this event on the financial statements? Use the following to answer questions On January 1,2016,the Niagara Corporation arranges a $6,000 line of credit with the Centennial Bank.It accepted the bank's offer of 1% above the prime rate with interest payments on December 31 of each year.All borrowings and repayments are to take place on January 1 of each year. -Niagara records the first year's interest payment on December 31,2016.Centennial's prime rate is 4% for 2016.Which of the following answers shows the effect of this event on the financial statements? Use the following to answer questions On January 1,2016,the Niagara Corporation arranges a $6,000 line of credit with the Centennial Bank.It accepted the bank's offer of 1% above the prime rate with interest payments on December 31 of each year.All borrowings and repayments are to take place on January 1 of each year. -Niagara records the first year's interest payment on December 31,2016.Centennial's prime rate is 4% for 2016.Which of the following answers shows the effect of this event on the financial statements?

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