complete both parts please
The January 1, Year 1 trial balance for the Nguyen Company is found on the trial balance tab. The beginning balances are assumed. Hall Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $54,750 of merchandise on credit from Lee, terms n/30. May 19 Replaced the April 20 account payable to Lee with a 90 -day, 108, $36,000 note payable atong with paying $18,750 in cash. July 8 Borrowed $96,000 cash from CDR Bank by signing a 120-day, 68,$96,000 note payable. August 17 Paid the amount due on the note to Lee at the maturity date. November 5 Paid the amount due on the note to CDR Bank at the maturity date. November 28 Borrowed $51,000 cash from Austin Bank by signing a 60-day, 12\%, $51,600 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the amount due on the note to Austin Bank at the maturity date. Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Hall Company Calculation of interest expense August 17 - Lee note: The January 1, Year 1 trial balance for the Nguyen Company is found on the trial balance tab. The beginning balances an Hall Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $54,750 of merchandise on credit from Lee, terms n/30. May 19 Replaced the April 20 account payable to Lee with a 90 -day, 10%,$36,000 note payable along wi $18,750 in cash. July 8 Borrowed $96,000 cash from CDR Bank by signing a 120-day, 6\%, $96,000 note payable. August 17 Paid the amount due on the note to Lee at the maturity date. November 5 Paid the amount due on the note to CDR Bank at the maturity date. November 28 Borrowed $51,000 cash from Austin Bank by signing a 60-day, 12\%, $51,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the amount due on the note to Austin Bank at the maturity date. Prepare the January 27 , Year 2 journal entry to record the payment of the Austin note at maturity. Nguyen Company does NOT prepare reversing entries