Ontario Resources, a natural energy supplier, borrowed $$79\mathrm{.}6$ million cash on November $1,2024,$ to fund a geological survey. The loan

was made by Quebec Banque under a short$-$term financing arrangement. Ontario Resources issued a $6-$month, $12\%$ promissory note

with interest payable at maturity. Ontario Resources' fiscal period is the calendar year.

Required:

Prepare the journal entry for the issuance of the note by Ontario Resources.

& $3.$ Prepare the appropriate adjusting entry for the note by Ontario Resources on December $31,2024$ and journal entry for the

payment of the note at maturity.

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

Req $2$ and $3$

Prepare the appropriate adjusting entry for the note by Ontario Resources on December $31,2024$ and journal entry for the payment of

the note at maturity.

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, not in millions.