On July 31, 2020, Teal Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction begun immediately and was completed on November 1, 2020. To help finance construction, on July 31 Teal issued a $303,600, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $208,600 of the proceeds of the note was paid to Minsk on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Teal made a final $95,000 payment to Minsk. Other than the note to Netherlands, Teal's only outstanding liability at December 31, 2020, is a $28,200,8%, 6-year note payable, dated January 1, 2017, on which interest is payable each December 31. Prepare the journal entries needed on the books of Teal Company at each of the following dates. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (1) (2) (3) July 31, 2020. November 1, 2020. December 31, 2020. Date Debit Credit Account Titles and Explanation Cash 7/31 303600 Notes Payable (To record the note.) Machinery 208600 Trading Securities JU MI 95000 Cash (To record the payment to Minsk.) 11/1 Machinery 97375 Cash (To record the payment to Minsk.) 12/31 Machinery 6258 Interest Expense 6428 Cash Interest Payable