1.Salem and Orias Energy Corporation based in Manila supplying the bulk energy requirements of NAPOLCO and LEYECO borrowed P8,000,000 cash on November 1, 2020 to fund a geological survey in the mountain of Mt. Kantayuktok.The loan was granted by Fernandez UniBank under a short-term credit line.EOEC issued a 9-month, 12% promissory note with interest payable at maturity.The fiscal period is the calendar year.Requirement:

a.Show the journal entry for the issuance of the note payable by EOEC.

b.Show the appropriate adjusting entry for the note payable on December 31, 2020.

c.Show the journal entry for the payment of the note payable at maturity.