Keesha Company borrows $340,000 cash on December 15 of the current year by signing a 120-day, 8%, $340,000 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.

Keesha Company borrows $340,000 cash on December 15 of the current year by signing a 120 -day, 8%,$340,000 note. 2. \& 3. What is the amount of interest expense in years 2023 and 2024 from this note? (Use 360 days in year) 2. Interest expense in 2023: 3. Interest expense in 2024: 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