j. December 31: Repaid the one-year loan [from transaction (a)] plus accrued interest. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank or enter 0. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Assets = Balance Sheet Stockholders' Liabilities + Equity Accounting numeric field Revenues Income Statement 2. As of December 31, which notes are outstanding? How much interest is due on each? Do not round intermediate calculations. If required, round your final answers to the nearest dollar. Outstanding Debt Principal Balance Line of credit Interest Payable $ 8% Note $ Expenses Net = Income