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Keesha Co borrows $235,000 cash on December 1 of the current year by signing a 150-day, 8%, $235,000 note. 1. On what date does
Keesha Co borrows $235,000 cash on December 1 of the current year by signing a 150-day, 8%, $235,000 note. 1. On what date does this note mature? 2.& 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (d) payment of the note at maturity. 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. De not round intermediate calculations and Round final answers to the nearest whole dollar) Principal Rate (%) Time Tutal through maturity Interest Expense Current Year 235,000 $ 8% $235,000 5 8% 150300 150/360 Interest Expense Following Year 235,000 8% 150/360 Total interest Reg > Check my work
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