2 Oral Arts Dental Laboratories is a family-owned and operated full-service dental laboratory located in Huntsville, Alabama. The corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2021 General Journal Interest expense Interest payable Insurance expense 10:54:39 Prepaid insurance Interest receivable Interest revenue Debit 2,090 Credit 2,090 76,000 76,000 4,180 4,180 Additional Information: 1. The company borrowed $38,000 on June 30, 2021. Principal and interest are due on June 30, 2022. This note is the company's only interest-bearing debt. 2. Insurance for the year on the company's office buildings is $114,000. The insurance is paid in advance. 3. On August 31, 2021, MI-T-M lent money to a customer. The customer signed a note with principal and interest at 6% due in one year Required: 1. What is the interest rate on the company's note payable? 2. The 2021 Insurance payment was made at the beginning of which month? 3. How much did Oral Arts lend its customer on August 31? proctorio.com/secured #lockdown g Enabled: Exam 1 i Interest revenue Additional information: Saved 4,200 Help Save & Exit 1. The company borrowed $38,000 on June 30, 2021. Principal and interest are due on June 30, 2022. This note is the company's only interest-bearing debt. 2. Insurance for the year on the company's office buildings is $114,000. The insurance is paid in advance. 3. On August 31, 2021, MI-T-M lent money to a customer. The customer signed a note with principal and interest at 6% due in one ye Required: 1. What is the interest rate on the company's note payable? 2. The 2021 insurance payment was made at the beginning of which month? 3. How much did Oral Arts lend its customer on August 31? 1. Interest rate 2. Month of insurance payment 3. Principal %