Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which oven they want and that it will cost $17.000. The company already has $5,000 set aside for the purchase and will need to borrow the rest. Natalie and Curtis met with a bank manager to discuss their options. She is willing to lend Cookle & Coffee Creations Inc. $12,000 on November 1, 2020. for a period of 3 years at a 5% interest rate. The terms provide for fixed principal payments of $2,000, on May 1 and November 1 of each year plus 6 months of interest. Cash Payment Interest Expense Reduction of Principal Principal Balance 200 $ 300 20 yo 000 2000 2000 III 3 Textbook and Media Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1