DIRECTIONS : For E10-2 Use the information from E10-1; the firm borrowed $6 million on 11/1/2018, 8% rate, 6-month loan You will need 4 entries (though you can combine the last two entries): o 11/1/2021 o 12/31/2021 o 4/30/2022 to pay interest o 4/30/2022 to pay back the principle Dont forget to record the effects, as well as the combined total of all the entries in one last column

help calculate the problem and report the effects using assets, liability, equity, revenue, expenses, net income

NOTE: THIS IS ALL ONE QUESTION THIS IS NOT A SEPERATE QUESTION

E10-2 Recording Notes Payable through the Time to Maturity LO 10-2 Use the information in E 10-1 to complete the following requirements. Required: 1. Give the journal entry to record the note on November 1, 2021. 2. Give any adjusting entry required on December 31, 2021. 3. Give the journal entry to record payment of the note and interest on the maturity date, April 30, 2022, assuming that interest has not been recorded since December 31, 2021. E10-1 Determining Financial Statement Effects of Transactions involving Notes Payable LO 10-2 Mattel Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mattel builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mattel's sales are on credit. As a result, Mattel often collects cash from its sales several months after Christmas. Assume on November 1, 2021, Mattel borrowed $6 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 8 percent payable at maturity. The accounting period ends December 31