2. (2pts total) Globo Gym, Corp. is a fitness center that provides fitness and workout services for customers. On August 1, 2021, Globo Gym borrows $560,000 from the bank, signing a ten year Note Payable. Annual interest on the Note Payable is 3.0%, and interest payments are due every July 31st. The first interest payment is due July 31, 2022. a. Record the adjusting journal entry (AJE) Globo Gym would make to recognize Interest Expense on December 31st, 2021. Assume Globo Gym uses an annual accounting period which ends on December 31st, 2021 and adjusting entries are only made at the end of the annual accounting period (i.e. assume no adjusting entries have been recorded yet for the year). b. Calculate the adjusted balance of the Interest Payable account as of 12/31/2021. Assume the beginning balance of the account as of 8/1/2021 was $0 and there are no other transactions. c. What if Globo Gym did not make the adjusting entry on 12/31/2021? Indicate by how much the year ending 12/31/2021's 1) assets, 2) liabilities, 3) revenues, 4) expenses, 5) net income, 6) retained earnings, and 7) SHE would be either under- or overstated if this adjusting entry were not recorded. If no effect, write 'no effect.' d. Record the journal entry Globo Gym would make on July 31, 2022 when it makes the first annual interest payment