Notes Payable Essential Company, which manufactures steel tubing and casing for automobile production, borrowed $456,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology. The terms of Essential's note dictate that it is a 8-month, 10%, interest-bearing note. Required: 1. Record the borrowing transaction. If an amount box does not require an entry, leave it blank. Jan. 1 (Record issuance of note payable) 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. Sept. 1 (Record payment of interest and principal)