Question: Entries for and Financial Statement Presentation of a Note Augustine Corporation borrowed $58,000 from the J.P. Morgan Chase Bank on June 1, 2023, on a

Entries for and Financial Statement Presentation of a Note Augustine Corporation borrowed $58,000 from the J.P. Morgan Chase Bank on June 1, 2023, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Augustine's journal. If an amount box does not require an entry, leave it blank. 2023, June 1 Record issuance of note at par Feadbeck T Check sty Work 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2. Prepare the adjusting entries made at December 31,2023 and 2024 . If an amount box does not require an entry, leave it blank. 2023, December 31 x Record interest expense 2024, December 31 X Fcodback Check Ahy Work 3. Consider the adjusting entry made on December 31 st. Indicate how the note and assoclated interest would be presente Feoduscs. Check My Work 4. Discount and premium accounts are valuation accounts. Record repayment of note principal Feedtsack Check kty Wark 5. Any premium or discount is amortized to interest expense over the life of the bond. The repayment of principal at maturity retires the obligation

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