Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt Corporation builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt Corporation sales are on credit. As a result, Mitt Corporation often collects cash from its sales several months after Christmas. Assume on November 1, 2021, Mitt Corporation borrowed $7.1 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 9.00 percent payable at maturity. The accounting period ends Dcember 31. Required: 1. Indicate the accounts, amounts, and effects of the (a) issuance of the note on November 1; (b) impact of the adjusting entry on December 31, 2021; and (c) the payment of the note and interest on April 30, 2022, on the accounting equation. (Do not round intermediate calculations, Enter your answers in whole dollars. Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Date Assets November 1, 2021 Cash December 31, 2021 c. April 30, 20122 Cash Liabilities 7,100,000 7,100,000 Notes Payable (short-term) Interest Payable (7,419,500) Interest Payable Notes Payable (short-term) 106,500 Intere (106,500) Intere (7.100.000)+ Liabilities 10,000 Notes Payable (short-term) Interest Payable 9,500) Interest Payable 7,100,000+ 106,500 +Interest Expense (106,500)+Interest Expense =Notes Payable (short-term) (7,100,000) + Stockholders' Equity (106,500) (213,000)