ccounting I (Fall 2020) sec. 01 On August 31, Jenks Co. partially refunded 180,000 of its outstanding 10% note payable made one year ago to Arma State Bank by paying 180,000 plus 18,000 interest, having obtained the 198,000 by using 52,400 cash and signing a new one- year 160,000 note discounted at 9% by the bank. Instructions (1) Make the entry to record the partial refunding. Assume Jenks Co. makes reversing entries when appropriate. (2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount. nswer 7 A BI