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Coco Co. borrows $400,000 from ABC bank on December 1,2011 , by signing a 60 -day, 6% note. Interest begins to accrue on December 2,

Coco Co. borrows $400,000 from ABC bank on December 1,2011 , by signing a 60 -day, 6% note. Interest begins to accrue on December 2, 2011 (that means 30 days of interest at Dec. 31 ). Interest and principal are payable at maturity. Record the issuance of the note on December 1,2011. Record the interest accrual on December 31,2011. Record the entry for repayment of the note at maturity

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