Many businesses borrow money during periods of incressed business activity to finance inventory and accounts receivable. For example, Mitt Corporstion builds up its inventory to meet the needs of reteilers selling to Christmos shoppers. A large portion of Mitt Corporation sales are on credit. As a result, Mitt Corporation often collects cosh from its sales several months after Christmos. Assume on November 1, 2021, Mitt Corporation borrowed $7.9 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate wos 8.50 percent payable at maturity. The accounting period ends December 31. Required: 1. 2 \& 3. Prepare the required joumsl entries to record the note on November 1, 2021, the adjusting entry required on December 31 2021 (if any), and interest on the maturity date, April 30, 2022, assuming that interest has not been recorded since December 31, 2021. (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.)