On 11/1/2015, Johnson Inc. borrowed $250,000 on a 7%, 5 year note payable. The note specifies that repayment will be $50,000 a year plus interest. The first principal payment is due on 10/31/2016. Required: Prepare journals entries for the following events. The issue of the note payable on 11/1/2015 (specify if this is a ST or LT Note). The entry to accrue interest expense at Johnson's fiscal year end, 12/31/2015 The entry to record the first principal payment and interest on 10/31/2016 Show how the note and related interest payable would be shown on Smith's 12/31/2015 balance sheet. Show how the note and related interest payable would be shown on Smith's 12/31/2015 balance sheet