E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 South End is one of the world's most popular outdoor apparel companies. Assume that South End borrows $2.4 million from U.S. Bank and signs a note promising to pay back the $2.4 million in eight months, at which time South End also will pay any accrued interest. The interest rate on the note is 10% Required: 1. Prepare the journal entry South End will record when it signs the note and receives the cash. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet