Exercise $9-5($Algo$)$ Interest$-$bearing notes payable with year$-$end adjustments LO P$1$

Keesha Company borrows $$275,000$ cash on December $1$ of the current year by signing a $150-$day, $11\%,$$$275,000$ 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 $3$

Req $4$

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$,,\frac{30}{360},],[$Total interest,$,,\frac{120}{360}$