answered Marked out of 17.00 Finish attem P Flag question Coquitlam Company's current liabilities section included notes payable of $14,000 and interest payable of $420. The note payable was issued to Langley Company on June 30, 2020. Interest of 6% is payable at maturity, March 31, 2021. The following selected transactions occurred in the year ended December 31, 2021: Jan. 12 Purchased merchandise on account from Abbotsford Company for $25,000, terms n/30. Coquitlam uses a perpetual inventory system. 31 Issued a $25,000, three month, 8% note to Abbotsford in payment of its account. Interest is payable monthly Feb. 28 Paid interest on the Abbotsford note (see January 31). Mar. 31 Paid the Langley note, plus interest. 31 Paid interest on the Abbotsford note (see January 31). Apr. 30 Paid the Abbotsford note, plus one month's interest (see Jandary 31). Sept. 30 Borrowed $100,000 cash from the bank by signing a 10- year 5% note payable. Interest is payable quarterly on December 31, March 31, June 30, and September 30. Of the principal, $10,000 must be paid each September 30. Dec. 31 Paid the interest on the bank note (see September 30). Instructions: a. Record the 2021 transactions. b. Show the balance sheet presentation of notes payable and interest payable at December 31. c. Show the income statement presentation of interest expense for the