Greener Pastures Corporation borrowed $1,250,000 on November 1, 2015. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2016.

(a)

The note issued on November 1.

(b)

The interest accrual on December 31. Prepare the journal entries for the above transactions. 1. Greener Pastures Corporation borrowed $1,250,000 on November 1, 2015. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2016. Record the borrowing of $1,250,000. 2. Greener Pastures Corporation borrowed $1,250,000 on November 1, 2015. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2016. Record the interest accrued on the notes payable.