Exercise $11-5($Algo$)$ Interest$-$bearing notes payable with year$-$end adjustments LO P$1$

Keesha Company borrows $$270,000$ cash on November $1$ of the current year by signing a $120-$day, $11\%,$$$270,000$ note.

On what date does this note mature?

& $3.$ What is the amount of interest expense in the current year and the following year from this note?

Prepare journal entries to record $($a$)$ issuance of the note, $($b$)$ accrual of interest on December $31,$ and $(c)$ payment of the note at maturity.

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$ and $3$

Reg $4$

What is the amount of interest expense in the current year and the following year from this note?

Note: Use $360$ days a year. Do not round intermediate calculations and round final answers to the nearest whole dollar.

$\backslash$table$[[,\backslash$table$[[$Total through$],[$maturity$]],\backslash$table$[[$Interest Expense$],[$Current Year$]],\backslash$table$[[$Interest Expense$],[$Following Year$]]],[$Principal$,,,],[$Rate $(\%),,,],[$Time$,,,],[$Total interest,,,$]]$