On September 1, 2017, Bobcat, Inc. borrowed $24 million cash to fund a new facility. The loan was made by a credit union. Bobcat issued a 9-month, 12% promissory note. Interest was payable at maturity. Bobcat's fiscal period is the calendar year.

1. Prepare the journal entry for the issuance of the note by Bobcat.

2. Prepare the appropriate adjusting entry for the note by Bobcat on December 31, 2017.

3. Prepare the journal entry for the payment of the note at maturity.