On October $1,$ Ashland Corp. borrowed $$79$ million and issued a nine$-$month promissory note. Interest was discounted at issuance at a $11\%$ discount rate.

Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December $31,$ the end of the reporting period.

Note: 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.

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$()$

$(1)$ Record the issuance of the note.

Record the appropriate adjusting entry for the note at December $31$