Brief Exercise 5-38 (Algorithmic) Nets Payable Recher Company, which manufactures statuting and casing for automobile production, borrowed 5264,000 on January 1 to finance the purchase of a new plece of machinery with new heating technology The terms of Rechers te dictate that it is a 1-month, 12%. Interest-bearing note Required: 1. Record the borrowing transaction lan! Record issuance of not payable) 2. Heard the repayment transaction of an amount box does not require an entry leavet blank May 1 1100 Homework Cher Content 000 (Record payment of interest and principal)