Cullumber company borrows exist 87, 600 on July 1 from the bank by singing a exist87, 600, 10%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note.(Credit account titles are indented when amount is entered. Do not indent manually). Prepare the journal entry to record the interest at December 31, assuming adjusting entries are made only at the end of the year.(Credit account titles are indented when amount is entered. Do not indent manually)