Current Attempt in Progress On August 1, Novak Corporation signed a $65200, 15%, 2-year note to help finance renovations being made to the corporation headquarters. Assuming interest is accrued only when the year ends on December 31, the appropriate journal entry for the first year would be Interest Expense O Interest Payable Interest Expense 4075 Notes Payable Interest Expense 9780 Interest Payable 4075 Interest Expense 9780 Notes Payable 9780 4075 4075 9780

On August 1 . Novak Corporation signed a $65200,15%,2-year note to help finance renovations being made to the corporation headquarters. Assuming interest is accrued only when the year ends on December 31, the appropriate journal entry for the first year would be Interest Expense 9780 Interest Payable 9780 Interest Expense 6075 Notes Payable 4075 Interest Expense 4075 Interest Payable 4075 Interest Expense. 9780 Notes Payable 9780