2 points LO 9.6 Arvan Patel is a customer of First National Banic Mr. Patel borrow from First National Bank on January 1, 2023. First National Bank issues a note with a principal amount of $480,000,10% annual interest rate, and a 24-month moturity date on December 31,2024 . To record the journal entry for the issuance of the Note, the bank would: Debit Cash $490,000 Credit Notes Payable $480,000 True False 2 pointi LO 9.6 Arvan Patel is a customer of First National Bank. Mr. Patel borrow from First Natlonal Bank on Januacy 1, 2023, First National Bank issues a note with a princlpal amount of $480,000,10% annual interest rate, and a 24 -month inaturity date on December 31,2024. On December 31,2023 , no entry is required since nothing is being pald. True False 2 points 10 9.6 Arvan Patel is a customer of First National Bank, Mr. Patel borrow from First National Bank on January 1.2023, First National Bank issues a note with a principal amount of $480,000,108 annual interest rate, and a 24 -month maturity date on December 31, 2024, On December 31, 2023, interest would be accrued for the year 2023, This would require a Debit to Interest Recelvable for $48,000 and a Credit to Interest Revenue for $48,000. Trut False 2 poinis 10 9.6 Arvan Patel is a customer of First National Bank. Mr. Patel borrow from First National Bank on January 1, 2023, First National Bank issues a note witha principal amount of $480,000,10% annual interest rate, and a 24-month maturity date on December 31, 2024. On December 31, 2024, when the Note is paid in full, the bank will record an additional 548,000 of Interest Revenue to cover the interest earned during 2024. True Falie