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Greener Pastures Corporation borrowed $1,100,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on
Greener Pastures Corporation borrowed $1,100,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022 (a) The note Issued on November 1 (b) The Interest accrual on December 31. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, abilities, or stockholders equity with a minus sign. Do not round Intermediate calculations.) Answer is complete but not entirely correct. Assets Liabilities Stockholders' Equity Cash 1,100,000 (b) Notes Payable (short-term Interest Payable 1,100,000. 10,500 Interest Expense 10.500
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