Interest-Bearing Note Replacing an Unpaid Account Payable Conti Products owed $50,000 on account for inventory purchased on December 1 , 2024, Conti uses a perpetual inventory system and has a fiscal year that ends on December 31. Conti was unable to pay the amount owed by the March 1, 2025, due date because of financiai difficulties. On March 1, 2025, Conti signed a 6-month, \$50,000, 9,846 interest-bearing note. This note was repald with interest on July 1,2025. Required: If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. 2 1. Prepare the entry recorded on December 1.2024