Keesha Company borrows $$140,000$ cash on November $1$ of the current year by signing a $180-$day, $11\%,$ $$140,000$ note.

$1.$ On what date does this note mature?

$2.$ & $3.$ What is the amount of interest expense in the current year and the following year from this note?

$4.$ 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.Answer is complete but not entirely correct.

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

Req $1$

Req $2$ and $3$

Req $4$

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.

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,($a$),$Cash,$,140,000,],[,$Notes payable,$,,140,000$

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