apter 14 Quiz On January 1, Luther Co. Issued a $1,000,000, five-year, installment note payable with payments of $250,456 principal plus interest doe onary 1 of each year for the next five years 1. Prepare the adjusting Youtral entry December 31 to accrue Interest for the year Interest Expense Interest Payable 2. Show the accounts) and amount(s) where accrued interest will appear on mustep income statement prepared on December 31 Interest Expenses 80,000 reported as other 3. Show the count() and amounts) and where they will appear on a de balance sheet prepared on December Palance Sheet Current Labs Interest Payable Note Payable-Long Term Partion Long-Term Liabilities Not Payable