3) On December 1, 2019, Georgia Corporation borrowed $240,000 on a three-month, 10% note from American Bank. Georgia Corporation's year end is December 31.

Required: 1.answer the following questions:

The liability for Georgia at December 1 is _______________________ The interest payable for Georgia at December 31 is_____________________ The interest expense at the time of payment is_____________________ The total cash received by American Bank is______________________