Fairborne Company borrowed $$600,000$ on an $8\%,$ interest$-$bearing note on October $1,2019.$ Fairborne ends its fiscal year on December $31.$ The note was paid with interest on May $1,2020.$

Required:

Prepare the entry for this note on October $1,2019.$

$2019$ Oct. $1$

$($Record issuance of note$)$

Prepare the adjusting entry for this note on December $31,2019.$

$2019$ Dec. $31$

$($Record accrued interest$)$

Indicate how the note and the accrued interest would appear in the balance sheet at December $31,2019.$

Among the current liabilities:

Short$-$term notes payable $

Interest payable

$4.$ Prepare the entry to record the repayment of the note on May $1,2020.$ If an amount box does not require an entry, leave it blank.

$2020$ May $1$