On November $1,2024,$ Quantum Technology, a geothermal energy supplier, borrowed $$16$ million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short$-$term line of credit arrangement. Quantum issued a nine$-$month, $12\%$ promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year.

Required:

Prepare the journal entry for the issuance of the note by Quantum Technology.

& $3.$ Prepare the appropriate adjusting entry for the note by Quantum on December $31,2024$ and journal entry for the payment of the note at maturity.

Note: For all requirements, if no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in whole dollars.