Anne Taylor Company borrowed cash on August $1$ of Year $1,$ by signing a $$19,980($face amount$),$ one$-$year note payable, due on July $31$ of Year $2.$ The accounting period of Anne Taylor ends December $31.$ Assume an effective interest rate of $11\%.$

a$.$ How much cash should Anne Taylor Company receive from the note on August $1$ of Year $1,$ assuming the note is an interest$-$bearing note?

b$.$ Provide the following entries and reporting amounts:

August $1$ of Year $1,$ date of the loan.

December $31$ of Year $1,$ adjusting entry.

July $31$ of Year $2,$ payment of the note.

Note: Round your answers to the nearest whole dollar.

$\backslash$table$[[\backslash$table$[[$Date$],[1.$ Aug. $1,$ Year $1]],$Account Name,Dr$.,$cr$.],[),0,0],[),0,0],[$To record issue of note.$],[2.$ Dec. $31,$ Year $1,4),0,0],[4),0,0],[$ord year$-$end adjusting entry.,$x,],[3.$ July $31,$ Year $2,4),0,0],[$y$),0,0],[,0,0],[,0,0],[$ord payment of note.,,$]]$

c$.$ What liability amounts should be shown on the December $31$ of Year $1$ balance sheet?

$\backslash$table$[[\{$

$\backslash$table$[[$Balance sheet, Dec. $31],[$Current liabilities$]]\}],[],[$Note Payable,,,,$0],[,$hat$(grad),$$$,,0]]$

d$.$ Answer $($a$)$ and $($c$)$ assuming that the note is noninterest$-$bearing. Use the straight$-$line method to amortize any discount on note payable.

a$.$ How much cash should Anne Taylor Company receive from the note on August $1$ of Year $1,$ assuming the note is a noninterest$-$bearing note