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Ddetermine which accounting concept is violated

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Question - The company borrowed $600 000 from a bank at an interest rate of 10% to construct a new warehouse. At the completion of construction, the loan was repaid and the following entry was made:

Bank loan 600,000

Wearhouse 60,000

Cash at bank 660,000

Determine which accounting concept(s) is violated, explain why and indicate the correct treatment.

Reference no: EM132425597

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