QUESTION #8 LONG TERM NOTES PAYABLE AS year, 8% Long Term Note Payable in the amount of $800,000 was signed when Extra Construction purchased Equipment on July 1, 2026. The entire note will be repaid in 5 years, but Interest will be paid yearly. Record the issuance of the Long Term Note. Record the Adjusting Entry on December 31st, 2026 for 6 months interest. If the Long Term Note Payable was to be repaid in 5 years, as stated above, in what section of the balance sheet would the Note Payable be shown and for what $ amount on December 31, 2026. If the Long Term Note Payable was to be repaid in 5 equal installments, in what section(s) of the balance sheet would the Note payable be shown and for what S amounts. (HINT: Amounts amount due within one year are current liabilities and due past one year are long term liabilities). QUESTION #9 NOTES PAYABLE On December 31, 2025, Aye Corporation borrowed $50,000 by signing a 14% installment note that is to be repaid in 5 annual payments, the first of which is due on December 31, 2026. ( Prepare a general journal entry to record the borrowing of the money. (b) Assume that the payments are to consist of accrued interest plus equal amounts of principal. Prepare general journal entries to record the first and second installment payments. Contrary to the assumption in (b) above, assume now that the note requires each installment payment to be $14,564. Prepare general journal entries to record the first and second installment payments. (Round all amounts to the nearest whole dollar.) (C) b) c)