Dallas and Co. entered into the following transactions during 2020:

December 1	Borrowed $55,000 cash from Union Bank in exchange for a 90-day, 4.5% note payable.
December 31	Recorded any required adjusting entries for the accrual of interest on notes payables.
March 1	Dallas and Co. pay the note to Union Bank in full at maturity.

Prepare the journal entries for Dallas and Co. to record the transactions above. Round any cents to two decimal points.