On December $1,$ Song Company borrowed $$60,000$ cash from Main Street Bank by signing a $90-$day, $7\%$ note payable.

Required:

a$.$ Prepare Song's journal entry to record the issuance of the note payable.

b$.$ Prepare Song's journal entry to record the accrued interest due at December $31.$

c$.$ Prepare Song's journal entry to record the payment of the note on March $1$ of the next year.