Question: Lacey Corp. issued a three-year, ($ 5,000) note with an (8 %) stated rate to Hayley Co. on January 1, 2020, and received cash of

Lacey Corp. issued a three-year, $\$ 5,000$ note with an $8 \%$ stated rate to Hayley Co. on January 1, 2020, and received cash of $\$ 5,000$. The note requires semiannual interest payments on June 30 and December 31. Provide journal entries to be made at each of the following dates.

a. January 1,2020 , for issuance of the note.

b. June 30, 2020, for the interest payment.

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