Lola Co. borrows $120,000 cash on November 1, 2015, by signing a 90-day, 9% note with a face value of $120,000.

1.) On what date does this note mature?

2.) How much interest expense results from this note in 2015?

3.) How much interest expense results from this note in 2016?

4.) Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2015, and (c) payment of the note at matutity.