On January 1, 2021, Nantucket Ferry borrowed $15,600,000 cash from BankOne and issued a six-year, $15,600,000, 8% note. Interest was payable annually on December 31 Prepare the journal entries for both firms to record interest at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)