EA11. LO 12.4 Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the joumal entry to recognize payment of the short-term note on December 4. B 3 EA12 LO 12.4 Serimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required 5 0 EA11. LO 12.4 Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the joumal entry to recognize payment of the short-term note on December 4. B 3 EA12 LO 12.4 Serimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required 5 0