How do i calculate?
Keesha Co. borrows $150,000 cash on December1 of the current year by signing a 90-day. 11%, $150,000 note. 1. On what date does this note mature? 2. 8: 3. What is the amount ofinterest expense in the current year and the following year from this note? 4. Preparejournal entries to record {a} issuance of the note. [b] accrual of interest on December 31. and to} payment of the note at maturity. Complete this question by entering your answers In the tabs below. Req 1 [loo 2 and 3 Req 4 On what date does this note mature? {Assume that February has 23 days) On what date does this note mature? ebruary 25. Req 2 and > Complete this question by entering your answers in the tabs below. Req 1 Req 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 Interest Interest through Expense Expense maturity Current Year Following Year Principal $ 150,000 $ 150,000 $ 150,000 Rate (%) 11% 11% 11% Time 90/360 90/360 90/360 Total interest $ $ 0 $ 0 lcomplete this question by entering your amen: In the tab: below. Prepare journal entries to record (a) Issuance of the note, (b) aoanal of Interest on December 31, and (c) payment of the note at maturity. (Use 360 days a year. Do not round Intermediate calculations.) View tra nsaetion list Journal entry worksheet Record the Issuance of the note on December 1. Note: Enter debits before credits. Record entryI View general journal f. Req 2 and 3 Complete this question by entering your emere In the tabs below. Prepare journal entries to record (a) issuance of the note, (b) aoanal of interest on December 31, and (c) payment of the note at maturity. (Use 360 days a year. Do not round Intermediate calculations.) View tra nsaction Ii st Journal entry worksheet Record the Interest accrued en the note as of December 31, current year. Note: Enter debits before credits. Record entryr m View general journal 4. Flee 2 and 3 Complete this. question by entering your answers In the tab: below. Rec] 1 Rec] 2 and 3 Rec 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31Ir and (c) payment of the note at maturity. [Use 360 days a year. Do not round Intermediate calculations.) View tra nsaetian list Journal entry worksheet Record payment of the note at maturity, assuming no reversing entries were made on January 1. Note: Enter debits before credits. 4.. Rec 2 and 3