EX 11-4 Evaluating alternative notes A borrower has two alternatives for a loan: (1) issue a $360,000, 60-day, 5% note or (2) issue a $360,000, 60 day note that the creditor discounts a 5% a. Calculate the amount of the interest expense for each option. b. Determine the proceeds received by the borrower in each situation. c.- which alternative is more favorable to the borrower? Explain. OBJ. 1 OBJ. 1 EX 11-5 Entries for notes payable A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity including interest. OBJ. EX 11-6 Entries for discounted note payable A business issued a 45-day note for $80,000 to a creditor on account. The note was dis- counted at 5%. Journ alize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity