Question: Problem 2 (8.5 points) Assume, that on June 2, 2022, PVH Corp., borrowed $10,500,000 cash from Fifth Third Bank to meet short-term obligations. PVH signed

Problem 2 (8.5 points)

Assume, that on June 2, 2022, PVH Corp., borrowed $10,500,000 cash from Fifth Third Bank to meet short-term obligations. PVH signed a 5% note and promised to repay the note in 100 days. All interest will be paid when the note is due. Assume the company records only the two entries: borrowing and payment. Use 360-day year and round your answer to the nearest dollar.

Required:

Find the maturity date of the note. Maturity date is:
Record the issuance of the note on June
Record payment of the note and interest at maturity.

Account Title	Debit	Credit

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