Refer to the data in Short Exercise 11-1. Show what Cimmaron reports for the note parable and related interest payable on its balance sheet at December 31, 2006, and on its income statement for the year ended on that date.

Exercise 11-1

On June 30, 2006. Cimmaron Co. purchased \(\$ 8,000\) of inventory: on a 1 -year, \(9 \%\) note payable. Journalize the company's

(a) accrual of interest expense on December 31,2006, 

(b) payment of the note plus interest on June 30, \(200^{-}\).