Entries for and Financial Statement Presentation of a Note

Griddley Company borrowed $$76,000$ from the East Salvador Bank on February $1,2023,$ on a $3-$year, $7\mathrm{.}2\%$ note. Interest is paid annually on January $31.$

If required, round amounts to the nearest dollar.

Required:

Record the borrowing transaction in Griddley's journal. If an amount box does not require an entry, leave it blank.

$2023$ Feb. $1$

Record issuance of notes at par

Prepare the adjusting entries made at December $31,2023$ and $2024.$ If an amount box does not require an entry, leave it blank. $2023$ Dec. $31$

Record interest expense

$2024$ Dec. $31$

Record interest expense