Question: On July 1 , 2 0 2 4 , a company issued the following note payable. Issue Date 0 7 / 0 1 / 2

On July 1,2024, a company issued the following note payable.
Issue Date 07/01/24
Maturity Date 04/01/25
Principal $120,000
Rate 8%
Required:
Prepare the journal entry for issuance of the note.
Calculate the amount of interest expense that is recorded on December 31,2024 and April 1,2025.
Prepare the journal entry for interest accrued on December 31,2024.
Prepare the journal entry for repayment of the note on the maturity date of April 1,202

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