Instructions:Analyze the following notes, and explain whether each is negotiable. You must identify which of the elements are missing. Please review each of the six $(6)$ required elements for a negotiable instrument. Each Note is worth $10$ points for a total of $20$ points.Note #$1$:I, Justin Timberlake, promise to pay to the order of Julia Roberts, the sum of $$4,000\mathrm{.}00$ on or before the $1$st day of May $2022$ with interest at five $(5\%)$ percent per annum. The maker hereof reserves the right to extend the time of payment of said note for six $(6)$ months. Dated: Jan. $2,2018/$s$/$ Justin Timberlake Note #$2$:We$,$ Jada Pinkett Smith and Will Smith, promise to pay to the order of Ursula Buffet or bearer, the sum of $$500\mathrm{.}00$ in silver coins, on or before the $1$st day of January $2024.$ The maker$($s$)$ reserve$($s$)$ the right to extend the time of payment indefinitely.Dated: Jan. $2,2019/$s$/$ Jada Pinkett Smith $/$s$/$ Will Smith