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 nobes payable outstanding notes 3 and 4) These notes are described below Principal Amunt interest Rate Number of Dave Date of nete December 11, 2011 Nole Nr 2, 2011 Note December 2011 December, 2012 Notes December 11, 2012 Note December 07.2012 120.000 160.000 10 60 99 120 150.000 10.000 10 Required 2. 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 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