Calculator Problem 8-76A (Algorithmic) Interest-Bearing Note Replacing an Unpaid Account Payable SCHO Conti Products owed $50,000 on account for inventory purchased on December 1, 2020. Conti uses a perpetual Inventory system and has a fiscal year that ends on December 31. Conti was unable to pay the amount owed by the March 1, 2021 due date because of financial difficulties. On March 1, 2021, Conti signed a 6-month, $50,000, 10.5% interest-bearing note. This note was repaid with interest on September 1, 2021. Required: If no entry is required, select "No entry required and leave the amount boxes blank. ech Jour try 4.doc 1. Prepare the entry recorded on December 1, 2020 2020 Dec. 1 o (Record purchase of inventory on account) 2. Prepare the adjusting entry recorded on December 31, 2020 2020 Dec. 31 (Year end adjustment) 3. Prepare the entry recorded on March 1, 2021 2021 Mar 1 (Recording of tower una account payable) Check My Work 5 more Check My Worker none Ca ses were un concernant Emai netructor