principal accounting 2 p10.4b

P104B (LO 1, 4) AP BESTE Mile Hi Mountain Bikes markets.mountain bike tours to clients vacationing in various locations in the mountains of British Columbia. The current liabilities section of the October 31, 2020, balance sheet included notes payable of $15,000 and interest payable of $375 related to a six-month, 6% note payable to Eifert- Company on December 1, 2020. Record note transactions, show financial statement presentation. TALLE ETFILT During the year ended October 31, 2021, MileHi had the following transactions related to notes payable: HATIRE 2020 Dec Paidthe $15,000 Eifert note, plus interest. 2021 Apr. 30 May 31 1 Issud a-$75.000, nine-month: 7% note to Mountain Real Estate for the purchase of additional mountain property on which to build bike trails. Interest is pavable quarterly on Julvit, october 1, and at maturity on January 1, 2022 Purchased Mongoose bikes to use as rentals for $8,000sterms nf30. Issued Mongoose an $8.000, three month. 3 note payable in settlement of its account(see April 30 transaction). Interest is payable atmaturity. Paid interest on the Mountain Real Estate note(see Aprili i transaction Paid the Mongoose note plus interest (s Ma 31 transiction) Paid interest on the Mountain Real Estate nate (see Apn transaction Borrowed $90,000 cash from Western Bank by issuing a five year, 6% note. Interestis payable monthly on the first of the month. Principal payments of $18,000=must be made on the anniversary of the note each year. July 1 Aug 31 Oct. Instructions a. Record the transactions and any adjustments required at October 31, 2021 b. Show the balance sheet presentation of notes payable and interest payable at October 312021. c. Show the income statement presentation of interest expense for the year