Question: On September 1 , 2 0 X 1 , ABC Company borrowed $ 5 0 , 0 0 0 on a 6 % , 9

On September 1,20X1, ABC Company borrowed $50,000 on a 6%,9-month note payable to XYZ National Bank. By recognizing interest owed on December 31,20X1, ABC's net income
decreases by $1,000
decreases by $3,000
increases by $1,000
increases by $3,000
On September 1 , 2 0 X 1 , ABC Company borrowed $

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