MUST SHOW WORK

8. (10 points) Maverick, Inc. borrowed $120,000 on a 60-day discounted note from Fulshear Company dated June 13. 2012. Fulshear discounts the note at 7%. (Assume a 360-day year is used for interest calculations.) Required (1) Journalize Maverick's entries to record a. The issuance of the note b. The payment of the note at maturity. (2) Journalize Fulshear's entries to record a. The receipt of the note b. The receipt of the payment of the note at maturity. Note: Be sure to enter correct dates for each journal entry (1)