B. Post the accounts Notes Payable, Interest payable, and Interest Expense.

C. Show the balance sheet presentation of notes and interest payable at December 31.

D. What is the total interest expense for the year?

The following are selected transactions of Oriole Group. Oriole prepares financial statements quarterly (amounts in thousands). Jan. 2 Purchased merchandise on account from Nan Company, W30,000, terms 3/10,n/30. (Oriole uses the perpetual inventory system.) Issued a 9%, 2-month, W30,000 note to Nan in payment of account. Feb. 1 Mar. 31 Apr. 1 Accrued interest for 2 months on Nan note. Paid face value and interest on Nan note. Purchased equipment from Ji-yoo Equipment paying 11.500 in cash and signing a 10%, 3-month, W54.000 note. July 1 Sept. 30 Accrued interest for 3 months on Ji-yoo note. Paid face value and interest on Ji-yoo note. Oct. 1 Dec. 1 Borrowed #19,200 from the Wonju Bank by issuing a 3-month, 8% note with a face value of #19,200. Dec. 31 Recognized interest expense for 1 month on Wonju Bank note. Notes Payable 4/1 2/1 10/1 7/1 12/1 12/31 Bal. Interest Payable 4/1 3/31 10/1 9/30 12/31 12/31 Bal. Interest Expense 3/31 9/30 12/31 12/31 Bal