Metlock County Bank agrees to lend the Ivanhoe Brick Company $417000 on January 1. Ivanhoe Brick Company signs a $417000, 7%, 10-month note. The entry made by Ivanhoe Brick Company on January 1 to record the proceeds and issuance of the note is Cash Interest Expense Notes Payable 417000 24325 441325 Cash 417000 Notes Payable 417000 Interest Expense 24325 Cash 392675 Notes Payable 417000 Cash 417000 Interest Expense 24325 Notes Payable 417000 Interest Payable 24325