PLEASE USE THE EXACT NUMBERS IN THE QUESTION TO ANSWER THE PROBLEM. PLEASE ANSWER ALL PARTS

Note Computations and Entries (Straight Line) On January 1, 2024, Benton Corporation borrowed $1,040,000 with a 10-year, 8.75% note, interest payable semiannually on June 30 and December 31 . Cash in the amount of $1,025,500 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2024. If an amount box does not require an entry, leave it blank. 2. Prepare the necessary journal entry at June 30, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 June 30 Record interest expense 3. Prepare the necessary journal entry at December 31, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 Dec. 31 Record interest expense 4. Determine the carrying amount of this note at the end of the fifth year (December 31,2028 ). $