On November $1,$ Bahama Cruise Lines borrows $$5$ million and issues a six$-$month, $6\%$ note payable. Interest is payable at maturity.

Determine the financial statement effects of $(1)$ the issuance of the note and $(2)$ the adjusting entry for interest owed by December $31,$ the end of the reporting period.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Determine the financial statement effects of the issuance of the note. $($Enter your answers in dollars, not millions. For example, $$5\mathrm{.}5$ million should be entered as $5,500,000.)$

$\backslash$table$[[$Income Statement$],[$Revenues$,-,$Expenses,$=,$Net Income$],[,49,980,],[,,,,10,],[$Balance Sheet$],[$Assets$,=,,$Liabilities,$+,\backslash$table$[[$Stockholders$\text{'}],[$Equity$]]],[,,,,,],[,,,,,]]$

Required $1$