Adjusting Entries for Interest At December 31, 2011, Hoffman Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2012, Hoffman also had two notes payable outstanding (notes 3 and 4). Th notes are described below: ese Date of note Principal Amount Interest Rate Number of Days December 31, 2011 Note 1 Novemer 16, 20 $12,000 9% 20 16,000 8% Note 2 December 04, 2011 60 December 31, 2012 Note 3 December 07, 2012 9,000 10% 60 18,000 9% Note A December 21, 2012 30 Required a. Prepare the adjusting entries for interest at December 31, 2011. b Assume that the adjusting entries were made at December 31, 2011. Prepare the 2012 journal entries to record payment ofthe notes that were outstanding at December 31, 2011. c. Prepare the adjusting entries for interest at December 31, 2012. Round answers to nearest dollar. Use 360 days for interest calculations when applicable. General Journal Debit Credit Date Description s 0 Dec.31 To record interest on note Dec.31 To accrue interest on note 2