Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $245,000 cash on November 1 of the current year by signing a 90-day, 11%, $245,000 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. Reg 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? (Use 360 days a year. Do not round intermediate calculations and Round final answers to the nearest whole dollar.) Total through maturity 245,000 Interest Expense Current Year 245,000 Interest Expense Following Year $ $ 245,000 Principal Rate (%) 11% 11% 11% Time 121/360 X 30/360 121/360 Total interest X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 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. (Use 360 days a year. Do not round intermediate calculations.) No Transaction General Journal Debit Credit