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

Keesha Company borrows $$110,000$ cash on December $1$ of the current year by signing a $180-$day, $7\%,$$$110,000$ 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.

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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.

Note: Use $360$ days a year. Do not round intermediate calculations.