Notes PayableA business issued a $60-$day, $8\%$ note for $$43,000$ to a creditor for an accounts payable. Illustrate the effects on the accounts and financial statements of recording $($a$)$ 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 box blank. Enter account decreases and cash outflows as negative amounts.a$.$ Illustrate the effects on the accounts and financial statements of recording the issuance of the note.Financial Statement EffectsBalance SheetAssets$=$Liabilities$+$Stockholders' Equity$=++$fill in the blank $5$fill in the blank $6$fill in the blank $7$fill in the blank $8$Statement of Cash FlowsIncome Statementfill in the blank $10$fill in the blank $12$b$.$ Illustrate 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.Financial Statement EffectsBalance SheetAssets$=$Liabilities$+$Stockholders' Equity$=+$fill in the blank $16$fill in the blank $17$fill in the blank $18$Statement of Cash FlowsIncome Statementfill in the blank $20$fill in the blank $22$