A loan in the amount of $200,000 with 12% interest was taken out on June 1^st.

a) Prepare the journal entry for the issuance of the Note Payable.

b) Prepare the journal entry for the issuance of the Note Receivable.

c) Calculate the interest amount for December 31.

d) Prepare the adjusting journal entry if this was a Note Payable. (Expense)

e) Prepare the adjusting journal entry if this was a Note Receivable. (Revenue)