Keesha Company borrows $$250,000$ cash on December $1$ of the current year by signing a $120-$ day, $7\%,$$$250,000$ 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.

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 $31$