Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.)

Required:

(1) Journalize Roseland’s entries to record:*

a. The issuance of the note.

b. The payment of the note at maturity.

(2) Journalize CorpOne’s entries to record:*

a. The receipt of the note.

b. The receipt of the payment of the note at maturity.