On January 1, Bloomingdale, Inc. borrows $92,000 from First Estate Bank. The loan is due in one year along with 4% interest. The company is preparing its quarterly report for March 31. Which of the following best describes the necessary accrual for interest expense? A. $3,680 increase expenses, decrease cash B. $ 920 increase liabilities, increase expenses C. $3,680 increase liabilities, decrease expenses D. $3,680 decrease liabilities, decrease cash E. $ 920 decrease liabilities, decrease cash
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