?$2$ ?You discovered the notes payable from the bank had not been recorded in $2019$ ?when your business acquisition was completed. The terms of the loan were

granted on December $1,2019,$ ?for $$850,000$ ?at $3\mathrm{.}5\%$ ?interest for the next $6$ ?years. The bank was reasonable to defer interest accruals from January $2020$ ?through

December $2020$ ?due to the pandemic. Interest began accruing again, thus your payment terms in $2021$ ?are two payments of $$100,000$ ?due semi$-$annually in June

and December $($payments include principal $+$ ?interest$).$ ?What are the journal entries required to correct the financial statements?

Additional Note: Your notes payable purchased the following from the acquired company

Computers and Equipment

Accounts Receivables from new contracts

Prepaid Rent

Accounts Payable

Salaries Payable

Owner's Equity

Closing Costs

$530,000\mathrm{.}00$

$600,000\mathrm{.}00$

$40,000\mathrm{.}00$

$175,000\mathrm{.}00$

$275,000\mathrm{.}00$

$170,000\mathrm{.}00$

$25,000\mathrm{.}00$