please explain answer! Thank you!

On January 1, 2024, Nantucket Ferry borrowed $14,400,000 cash from BankOne and issued a six-year. $14,400,000,6% note. Interest was payable annually on December 31 Prepare the journal entries for both firms to record interest at December 31,2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry for Nantucket Ferry for the interest payment. Notest Eiter detits before cresith. Journal entry worksheet Record the entry for BankOne for the receipt of interest. Note: Enter debits before credits