Scott Corporation issued a $100,000, eight-year, 7 percent note for cash on June 1, 2019. The note pays interest semiannually and the market rate of interest was 6 percent when the note was issued. Given this information, make the entries for the first year of the note’s life if Scott Corporation has a December 31 fiscal year-end. Show how Scott reports the note on its income statement, balance sheet, and cash flow statement for the year ended December 31, 2019.