admire county bank agrees to lend Sheffield

Admire County Bank grees to lend Sheed Brick Company 1614000 on January 1. Sheffield Brick Company sins to record the proceeds and use of the notes 614000, -month note. The entry made by Sheffield trick Company on January 1 Cash Interest Expense 614000 36840 Notes Payable 650840 Interest Expense Cash 577150 Notas Payable 614000 614000 Notes Payable 614000 Cash 514000 36840 514000 Notes Pay Interest Payable