Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Neiman Marous is one of America's most prestigious retalers. Each Christmas season Neiman Marcus buids up its inventory to meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, Neiman Marcus ohen collects cash from the sales several months after Christmas. Assume that on November 1 of this year, Neiman Marcus borrowed S4.8 milion cash from Bank of America to meet short-term obligations. Neiman Marcus signed an interest-bearing note and promised to repay the S4.8 milion n six months. The annual interest rate was 8%. All interest wl acrue and be paid when te note due six months Neiman Maus's acontng pend ends December Required: 1. Determine the fnancial statement effects for each of the following: (a) the issuanoe of the note on November 1. (D) the impact of the adjusting entry at the end of the accounting period, and (c) paryment of the note and interest on April 30. Indicate the effects (e.g., cash or- using the following schedule. (If no impact on the accounting equation leave cells blank. Indicate the direction of the effect by selectingfor increase,"for decrease from the drop down menu Assets December 31 April 30