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 $4$

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.

Note: Use $360$ days a year. Do not round intermediate calculations.

Journal entry worksheet

Record the issuance of the note on December $1.$

Note: Enter debits before credits.

Journal entry worksheet

$1$

Record the interest accrued on the note as of December $31,$ current year.

Note: Enter debits before credits.

Journal entry worksheet

Record payment of the note at maturity, assuming no reversing entries were

made on January $1.$

Note: Enter debits before credits.