Notes Payable A business issued a 180-day, 8% note for $52,000 to a creditor on account. Illustrate the effects on the accounts and nnancial statements of recording (e) the issuance of the note and b) the payment of the note at maturity, including interest If no account or activity is affected, select 'No effect' from the dropdown list and leave the corresponding number entry bax blank. Enter account decreases and cash outflows as negative amounts a. llustrate the offocts on the accounts and financial stabements of recording the issuance of the noto. Balance Sheet Assets Liabilities Cash Flows Equity No effoct Accounts payable +Notes payable No effoct 52,000 52,000 Statement of Cash Flows Income Statement No effect No effect b. Iustrate the effects on the accounts and financial statements of recording the payment of the note at maturity, including interest. Assume a 360-day year. If required, round interest expense to the nearest whole number Balance Sheet Statement of Income Assets + Stockholders' Equity Cash Flows Cash - Notes payable No effect 52,000 Statement of Cash Flows Income Statemment No effect