1. Assume on November 1, 2021, Mitt Corporation borrowed $3 million cash from Metropolitan Bank and signed a promissory note that matures in 12 months. The interest rate was 7% payable at. maturity. The accounting period ends December 31. Required: Prepare the required journal entries to record the note on November 1, 2021, the adjusting entry required on December 312021 (if any), and interest on the maturity date. October 30,2022, assuming that interest has not been recorded since December 31, 2021. (6 points) 2. E-Tech Initiatives Limited plans to issue $800,000,10-year, 7% bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2022. Required: Show how the bonds would be reported on the January 1,2022 , balance sheet if they are issued at 102. (2 points)