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Blue Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. BLUE DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $12.255 Accounts Receivable 22.755 6.255 Supplies Prepaid Insurance 3,755 Equipment 61.255 Accumulated Depreciation-Equipment $36,255 Accounts Payable 6,255 162 5,400 6,855 1.56B 11,255 4,755 Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expenses Rent Expense 62.755 12.555 1.118 512 7.400 3,400 4,000 $135,260 $135,260 (b). Answer the following questions. (Round interest rate to decimal places, e.g. 5%.) (1) If the note has been outstanding 6 months, what is the annual interest rate on that note? (Hint: Assume that the amount of interest payable in the trial balance relates to the note payable in the trial balance.) The annual interest rate % (2) If the company paid $17,500 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019? The balance in Salaries and Wages Payable $