10) On November 1, 2021, a compnay borrowed $7.5 million cash from a local bank and signed a promissory note that matures in six months. The interest rate was 6.50 percent payable at maturity. The accounting period ends December 31.

Required:

1, 2 & 3. Prepare the required journal entries to record the note on November 1, 2021, the adjusting entry required on December 31 2021 (if any), and interest on the maturity date, April 30, 2022, assuming that interest has not been recorded since December 31, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Record the borrowing of $7,500,000

2. Record the interest accrued on the note payable as of December 31, 2021.

3. Record the repayment of the note plus interest on the maturity date.