On April 1, the Nash Company borrows $50,000 from Third State Bank by signing a 6-month, 7%, interest-bearing note.

(a)Prepare the entry on April 1 when the note was issued. (b)Prepare any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made. (c)Prepare the entry to record payment of the note at maturity.