Experiencing financial difficulties due to a down economy, Accounting Basics

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Experiencing financial difficulties due to a down economy

Question: ABC Company is experiencing financial difficulties due to a down economy. As a result, XYZ Bank requested that ABC Company pledge additional collateral to secure a line of credit necessary to fund its ongoing business operations. ABC Company pledges $200,000 in cash held by the ABC Company 401(k) Plan as the additional collateral to preserve the line of credit. Prohibited Transaction?

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Accounting Basics: Experiencing financial difficulties due to a down economy

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Accounting Basics: Experiencing financial difficulties due to a down economy

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