Many businesses borrow money during periods of increased business activity to finance Inventory and accounts receivable For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mer's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $80 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 9.00 percent puyable at maturity. The accounting period ends December 31 Required: 1.28 3. Prepare the required journal entries to record the note on November 1, 2018, interest on the maturity date, April 30, 2019 assuming that interest has not been recorded since December 31, 2018. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View actions View journal entry worksheet NS Debill 0.000.000 1 Nov 01, 2016 Cash Notes Payable short-term) 3.000.000 N 2 Dec 31, 2018 106,667 Expert Interest Payable 106667 N Apr 30, 2019 Interest Expense Interest Payable Notes Payable (them) Cash 213.333 106.667 8.000.000