Jamaica Corporation carried out the following transactions involving note payable. During the fiscal year ended December 31, 2020.

Aug 6 Borrowed $ 15,200 from Tony Stark, issuing to him a 45 da, 14% note payable.

Sept. 16 Purchased office equipment from Ikea Company. The invoice amount was $18,800 and Ikea Company agreed to accept as full payment a 3-month, 15% note for the invoice amount.

Sept. 20 Paid Tony Stark note plus accrued interest.

Nov.1 Borrowed $ 2,35,000 from Nation Commercial Bank at an interest rate of 12% per annum; signed a 90-days note payable for $ 2,42,256, which included a $7,056 interest charge in the face amount.

Dec.1 Purchased merchandise in the amount of $13,000 from Stephens & Co. Gave in settlement a 60-day note nearing interest at 15% (Perpetual inventory system is deployed).

Dec. 16 The $18,800 note payable to Ikea Company matured today. Paid the interest accrued and issued new 30-days, 12% note to replace the maturing note.

Required:

1. Prepare entries in general Journal form to record the above transactions. Use a 360-day year in making the interest calculations.
2. Prepare the adjusting entries needed at December 31^st, prior closing the accounts. Use one entry for two notes on which interest is stated separately and a separate entry for Fintiba Bank note in which interest is included in the face amount of the note.

(B) Blue Cays Marina has a 200,000 mortgage liability .this mortgage is payable in monthly installments of 2057, which include interest computed at the rate of 12% per year (1% per month)

1. Prepare a partial amortization table showing the original balance of this loan and the allocation of the first two monthly payments between interest expense and reduction in the unpaid balance