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 Mit's sales are on credit. As a result. Mitt often collects cash from its sales several months after Christmas. Assume on November 2018 Mitt borrowed $67 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 700 percent payable at maturity. The accounting period ends December 31 Required: 1.2 & 3. Prepare the required journal entries to record the note on November 2018 interest on the maturity date Ar 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 transaction list Journal entry worksheet