On March 1, LGE asks to extend its past-due $6,800 account payable to Tyson. Tyson agrees to accept $1,600 cash and a 180 -day, 8%, $5,200 note payable to replace the account payable. (Use 360 days a year.) (1) Prepare the March 1 entry for LGE. (2) Prepare the August 28 entry for LGE when it pays the note and interest to Tyson. 1 Record LGE's entry to extend its past-due $6,800 account payable by paying cash of $1,600 and issuing a 180 -day, 8%,$5,200 note payable. paying 2 Record LGE's entry for payment of the note and interest to Tyson. Note : = journal entry has been entered