Class Demonstration: Journal and Adjusting Entries Over Two Fiscal Periods On January 1, 2021, XYZ, Inc, borrows $50,000 from ABC Bank. It signs a note, agreeing to repay the principal and inter the note in 18 months (i.e., on June 30,2022 ). The annual interest rate charged by the bank is 6%. Required: Prepare journal and adjusting entries for XYZ to record the note and interest on the following dates. XYZ pre financial statements only on December 31 , the end of its fiscal year