Note 1: On April 1 of the current year, Warren Corporation received a $30,000, 10 percent note from a customer in settlement of a $30,000 open account receivable. According to the terms, the principal of the note and interest are payable at the end of 12 months. The annual accounting period for Warren ends on December 31. Note 2: On August 1 of the current year, to meet a cash shortage, Warren Corporation obtained a $30,000, 12 percent loan from a local bank. The principal of the note and interest expense are payable at the end of six months. Required: For the relevant transaction dates of each note, indicate the amounts and the direction of effects on the elements of the balance sheet and income statement. (Reminder: Assets Liabilities - Stockholders' Equity, Revenues - Expenses - Net Income and Net Income accounts are closed to Retained Earnings, a part of Stockholders' Equity) (Do not net the transaction effects. Indicate a decrease with a negative amount.) Required: For the relevant transaction dates of each note, indicate the amounts and the direction of effects on the elements and income statement. (Reminder: Assets Liabilities + Stockholders' Equity; Revenues - Expenses - Net Income accounts are closed to Retained Earnings, a part of Stockholders' Equity.) (Do not net the transaction effects. Ind with a negative amount.) Balance Sheet Liabilities Stockholders' Equity Income Statement Revenues Expenses Net Income Date Assets Note 1 April 1 (current year) April 1 (current year) December 31 (current year) March 31 (next year) March 31 (next year) Note 2 August 1 (current year) December 31 (current year) January 31 (next year)