Adjusting Entries for interest At December 31, 2011. Portland Corporation had two notes payable outstanding notes 1 and 2). At December 31, 2012. Portland also had two notes payable outstanding Inotes 3 and 41. These notes are described below Principal Amount interest Rate Number of Days Date of note December 31, 2011 Note: November 25, 2011 Note 2 December 16, 2011 December 31, 2012 Note December 11, 2012 Note 4 December 07, 2012 $28.000 17.300 9N 88 88 120 16.400 39.000 9 104 % Required a. Prepare the adjusting entries for interest at December 31, 2011 b. Assume that the adjusting entries were made at December 31, 2011, and that no adjusting entries were made during 2012. Prepare the 2012 journal entries to record payment of the notes the were outstanding at December 11, 2011 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 Data Description Debit Credit