NOTES PAYABLE Mumford Co. borrowed a S 100,000 note payable on June 1, Year 1, with 6% interest. The note is due on win May 31, Year 2 Prepare the journal entry to record the issuance of the note and receipt of cash on June 1, Year 1. Debit and credit the accounts affected June 1 Ensure the equation still balances and debits- credits Liabilities Stockholders F Assets Prepare the adjusting journal entry to record the interest owed at the end of the accounting period on December 31, Year I Debit and credit the accounts affectecd Dec. 31 Ensure the equation still balances and debits credits Liabilities +Stockholders' Equity Assets Prepere the journal entries to record the interest and principal payments to the lender on May 31, Year 2. Debit and credit the accounts affected May 31 Ensure the equation still-balances and debits=credits Liabilities +Stockholders' Equity Assets PRESENT AND FUTURE VALUES what is the present value of $3,000 received 5 years from now, assuming 20% interest? 1, what is the present value of an annuity of $50,000 received over 20 years, assuming 9% interest? 2, what is the future value of $12,000, invested now at 10%, at maturity in 3 years? 3. what is the future value of an annuity of $7,500, invested at 12%, at maturity in 5 years? 4