Exercise 9.4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $220,000 cash on December 1 of the current year by signing a 120-day, 11%, $220,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. 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? (Use 360 days a year. Round final answers to the nearest whole dollar) Total through maturity Interest Expense Current Year Interest Expense Following Year 220,000 $ 11% 220,000 11% Principal Rate(%) Time Total interest $ 220,000 $ 11% 120/360 $ 8,066 Prev 1 of 5 !!! Next > leq 2 and 3 Req 4 entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) pa 1. (Use 360 days a year. Do not round intermediate calculations.) ction General Journal Debit Credit Cash Notes payable 220,000 220,000 Interest expense Notes payable 8,066 8,066 Interest expense Notes payable Cash 8,066 228,066 236,132