$2$ You discovered the notes payable from the bank had not been recorded in $2019$ when your business acquisition was completed. The terms of the loan were

granted on December $1,2019,$ for $$850,000$ at $3\mathrm{.}5\%$ interest for the next $6$ years. The bank was reasonable to defer interest accruals from January $2020$ through

December $2020$ due to the pandemic. Interest began accruing again, thus your payment terms in $2021$ are two payments of $$100,000$ due semi$-$annually in June

and December $($payments include principal $+$ interest$).$ What are the journal entries required to correct the financial statements?

Additional Note: Your notes payable purchased the following from the acquired company

Computers and Equipment

Accounts Receivables from new contracts

Prepaid Rent

$530,000\mathrm{.}00$

Accounts Payable

$600,000\mathrm{.}00$

Salaries Payable

$40,000\mathrm{.}00$

$175,000\mathrm{.}00$

Salarises Pable $275,000\mathrm{.}00$

$\backslash$table$[[$Closing Costs,$25,000\mathrm{.}00]]$