Crane Company borrows $$58,200$ on July $1$ from the bank by signing a $$58,200,12\%,$ one$-$year note payable.

$($a$)$

Prepare the journal entry to record the proceeds of the note.

$($b$)$

Prepare the journal entry to record accrued interest at December $31,$ assuming adjusting entries are made only at the end of the year.