E10-1 (Algo) Determining Financial Statement Effects of Transactions Involving Notes Payable [LO 10-2] Many businesses borow money during perkods of increased business activity to finance inventory and accounts fecelvable. Foe example, Mitt Corporation bulds up its Imventory to meet the needs of retallets selling to Christmas stheppers. A large portion of Mitt. on November 1,2021, Mitt Corporation borrowed \$7/4 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was, 6.00 percent payable at matuily. The eccounting poriod ends Docenther 34 Required: 1. Indicate the accoursts, amounts, and effects of the (a) issuance of the note on November 1 , (b) inpact of the adjusting entry on December 31, 2021, and (d) the payment of the note and interest on April 30, 2022, on the accounting equation. (Do not round intermediete colculations. Enter your answers in whole dollors. Enter ony decreases to ossets, liabilities, or steckhelders equity with a minus sign.) Liabilities