Brief Exercise 8-2 Crane Company borrows $70,800 on July 1 from the bank by signing a $70,800, 8%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at Decem ber 31, assuming adjustments are made only at the end of the year. Equity item that was reduced.) Liabilities Stockholders' Equity Assets Retained Earnings = Notes Payable Interest Payable Common Stock + Cash Dividend Revenue Expense (a) (b) Interest expense Click if you would like to Show Work for this question: Open Show Work