Brief Exercise 8-2 Sheridan Company borrows $61,200 on July 1 from the bank by signing a $61,200, 6%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Assets = Liabilities Stockholders' Equity Retained Earnings Revenue - Expense - Dividend Cash = Notes Payable + Interest Payable + Common Stock + (b) Interest expense Click if you would like to Show Work for this question: Open Show Work