On November $1,$ Bahama Cruise Lines borrows $$9$ million and issues a six$-$month, $7\%$ note payable. Interest is payable at maturity. Determine the financial Statement effects of $(1)$ the issuance of the note and $(2)$ the adjusting entry for interest owed by December $31,$ the end of the reporting period. Complete this question by entering your answers in the tabs below.

Required $1$ 

Required $2$

Determine the financial statement effects of the issuance of the note. $$