Question: please help!! 1. Based on the information below, calculate the interest accrued for each year on the note. 2. Prepare the journal entry to record

please help!! please help!! 1. Based on the information below, calculate the interest accrued

1. Based on the information below, calculate the interest accrued for each year on the note. 2. Prepare the journal entry to record the issuance of the note, the entry to accrue the interest on the note, and the entry to record the payment of the note at maturity. Given Information (a) Issue note July 1, Year 1 Cash Issue Date Maturity Date Principal Rate July 1 Year 1 April 1 Year 2 100,000 6% Notes Payable ? (b) Interest Expense December 31, Year 1 April 1, Year 2 Number of months of interest in year Interest expense ? December 31, Year 1 2 7 (c) Accrue interest Interest Expense Interest Payable (d) Pay cash at maturity Notes Payable Interest Payable Interest Expense 5 April 1, Year 2 2 7 2 27 28 29 30 31 32 33

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