Exercise $9-5($Algo$)$ Interest$-$bearing notes payable with year$-$end adjustments LO P$1$

Keesha Company borrows $$205,000$ cash on December $1$ of the current year by signing a $120-$day, $8\%,$$$205,000$ note.

On what date does this note mature?

& $3.$ What is the amount of interest expense in the current year and the following year from this note?

Prepare journal entries to record $(a)$ issuance of the note, $(b)$ accrual of interest on December $31,$ and $(c)$ payment of the note at maturity.

Complete this question by entering your answers in the tabs below.

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Req $1$

Req $2$ and $3$

Req $4$

On what date does this note mature?

Note: Assume that February has $28$ days.

On what date does this note mature?

March $31$