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Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $240,000 cash on November 1 of the current year by signing a 180-day, 10%, $240,000 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. Reg 1 Reg 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 Expenso Following Year $ 240,000 $ 10% 240,000 $ 10% 240.000 10% Principal Rato (%) Time Total interest 180/360 12,000 $ 60/360 4.000 $ Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co, borrows $240,000 cash on November 1 of the current year by signing a 180-day, 10%, $240,000 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. Reg 1 Reg 2 and 3 Reg 4 Prepare journal entries to record () 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.) View transaction list View Journal entry worksheet No Transaction General Journal Debit Credit 1 Cash Notes payable 240,000 240.000 1 2 (b) Interest expense Interest payable 3 (c) Notes payable Interest payable 240,000