Question: I need typed answer with explanation. Don't use AI BOT. Explain how to get your answer step by step. I will thumb up. Notes Payable

I need typed answer with explanation. Don't use AI BOT. Explain how to get your answer step by step. I will thumb up.

Notes Payable Essential Company, which manufactures steel tubing and casing for automobile production, borrowed $432,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology. The terms of Essential's note dictate that it is a B-month, 12%%, Interest-bearing note. Required: 1. Record the borrowing transaction. If an amount box does not require an entry, leave it blank. Jan. 1 (Record issuance of note payable) 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. Sept. 1 (Record payment of interest and principal)

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