Please show the solution for b and c Ive gotten conflicting answers recently from classmates and want to see what an outside answer is.

During the fiscal year ended December 31, Swanlee Corporation engaged in the following transac- tions involving notes payable. 10.3B ble: Accruing July Sept. Borrowed $20,000 from Weston Bank, signing a 90-day, 12 percent note payable. 16 Purchased office equipment from Moontime Equipment. The invoice amount was S30.000, and Moontime agreed to accept, as full payment, a 10 percent, 3-mont for the invoice amount. Oct. Paid Weston Bank the note plus accrued interest. Dec. 1 Borrowed $170,000 from Jean Jones, a major corporate stockhol issued a $170,000, 5 percent, 120-day note payable. 1 Dec. 1 Purchased merchandise inventory in the amount of $10,000 from Listen Corporation. isten accepted a 90-day, 12 percent note as a full settlement of the purchase. Swan- lee Corporation uses a perpetual inventory system. The $30,000 note payable to Moontime Equipment matured today. Swanlee paid the accrued interest on this note and issued a new 60-day, 12 percent note payable in the Dec. 16 amount of $30,000 to replace the note that matured. Instructions a. Prepare journal entries (in general journal form) to record these transactions. Use a 360-day year in making the interest calculations. b. Preparc the adjusting entry needed at December 31, prior to closing the accounts. Use one entry for a three notes (round to the nearest doliar). Provide a possible explanation why the new 60-day note payable to Moontime Equipment pays 16 percent c. interest instead of the 10 percent rate charged on the September 16