Keesha Company borrows $$240,000$ cash on November $1$ of the current year by signing a $180-$day, $8\%,$$$240,000$ note.

On what date does this note mature?

& $3.$ What is the amount of interest expense in the current year and the following year from this note?

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.

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.

Note: Use $360$ days a year. Do not round intermediate calculations.

Journal entry worksheet

Record the issuance of the note on November $1.$