Part II: Adjusting Journal Entries Please prepare the adjusting journal entry necessary in each of the following two situations. Show your calculations August 1, 2018. This note is due in one year. The interest rate is 8% annually. The interest will be due and payable on July 30, 2019, along with the principal. As of December 31 interest expense has been recognized for the year. Show the journal A. Blue Company borrowed $1,00,000 on a note payable on 2018, no entry necessary at December 31, 2018 credit 12-31-18 debit B. Green Company uses property, plant and equipment in its day-to-day business, to provide goods and services to its customers. The PPE has an original cost of $14,000,000 and no salvage (residual) value. The useful life is 7 years. The depreciation is recognized for the entire year (no need to allocate by months). It is December 31, 2018, and the company wants to recognize depreciation expense credit debit 12-31-18