Keesha Company borrows $245,000 cash on November 1 of the current year by signing a 150-day, 11%, $245,000 note. 1. What is the amount of interest expense in the current year and the following year from this note? 2. 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.

ELE $ . Principal Rate (%) Total Interest Interest Expense through Expense maturity Following Year Current Year $ 245,000 $ 245,000 245.000 11% 11% 150/360 60/360 90/360 5. 11,229 $ 2,246 x $ %LL RE STELLERS SERICIRE . PETS STREET treate Time SHARES PARTNERS ht entre FFESTER STREET VERSETT Total interest X 886'8 No Transaction General Journal Debit Credit 1 (a) Cash Notes payable >> 333 (b) Interest expense Interest payable 3 (c) Notes payable Interest payable Interest expense Cash