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ABC Inc borrowed $30,000 on December 1, 2014, for 75 days at 10% interest by signing a note a) Determine the date the note matures,

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ABC Inc borrowed $30,000 on December 1, 2014, for 75 days at 10% interest by signing a note a) Determine the date the note matures, and calculate how much interest expense is generated by this note, both for 2014 and 2015. Dates must be entered in the format dd/mmm (ie 15/Jan). Round all values to two decmal places On what day will this note mature? How much interest expense is created by this note in 2014? How much interest expense is created by this note in 2015? b) Prepare ABC Inc.'s journal entries on December 1, 2014 December 31, 2014, and the maturity date Enter an appropriate description when entering the transactions in the journal Dates must be entered in the format ddimmm (ie January 15 would be 15/Jan) Page G2 F Debit Credit General Journal Account/Explanation Date + - +

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