Keesha Co. borrows $250,000 cash on December 1 of the current year by signing a 120-day, 10%, $250,000 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 (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Req 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 through maturity Interest Expense Current Year Interest Expense Following Year $ 250,000 $ 250,000 $ 10% 250,000 10% Principal Rate (%) Time Total interest 10% 30/360 120/360 90/360 Req 1 Req 2 and 3 Req 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 (a) Cash Notes payable 2 (b) Interest expense Interest payable 3 (c) Notes payable Interest payable Interest expense Cash