E10-1 Determining Financial Statement Effects of Transactions Involving Notes Payable ILO of Transactions Involving Notes Payable ILO 10-2) Many businesses bomrow money during pesiods of increased business adivity to Snance inventory and accounts recevable Target Corporation is one of Amenca's largest general merchandse retailers. Each Christmas, Target builds up its inventory to meet the needs of Christmas shoppers. A arge portion of several months afher Christmas. Assume that on November 1, 2015, Target bomrowed 58 million cash rom Metropolitan Bank and signed a promissory note that matures in six months The interest ra was 80 percent payable at matuity The accounting period ends December 31 of Christmas sales are on creat As a resuit Tarpet cten collects cash trom the sales Required 1. Indicate the accounts, amounts, and efects of the (ai issuance of the note on November 1,() impact of the adjusting entry on December 31, 2015, and (c) the payment of the note and intees on Apn 30, 2016, n te accoutingaabon 4Do not round intermediate calculabon, Enter your answers in whole dolars. Ester any decreases to aceoent belasces with a minus si 6.000,000 Note Payal 6.000.000 November 1,2015 Cash December 31 inderest Payable nteres t Expense r 30,2016 Cash Note Payable