3. Suppose, on September 1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries. (18 points) a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months Date 01/09 Debit Credit Interest Payable Accounts Payable Db $30,000 30,000 b) Adjustment entry at year end on December 31, 2019 to record for the interest owed. Date Debit Credit Db Cr 31/12 Interest Payable $12,000 Accounts Receivable 12,000 Credit Cr c) Payment of the note on May 1, 2020. Date Debit 01/05 Interest Payable Accounts Receivable Db 30,000 12,000 Cash 42,000