Ontario Resources, a natural energy supplier, borrowed $80 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 9-month, 12% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year.

Required:

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

2. & 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.