Dansaction $2$:

Interest incurred for the first full year of the note payable. Year $1$ interest was paid in fill on December $31$st$.$

Acceunt

Ancuan $(1)$

Cash

$15000000$

Notes Payable

$16000000$

Question $4$ of $7$

$\backslash$table$[[$Transaction $2,$Amount$],[$Effiect on Retained Earnings:,$