Problem 2 - Notes Payable (Basic) [10 minutes] 6 marks Vinyl Resting Place (a local records store) issued a note to Bonnie Tiler (a home renovation company) on March 1, 2017 in exchange for inventory. The details of the note are below. Provide all of the required journal entries from issuance to derecognition/settlement. Assume that the Vinyl Resting Place has a December 31 year-end and that the company does not prepare interim statements. Round all amounts to the nearest dollar. Face value of note payable Date of issue for note Due date for note Interest rate in the note Market rate of interest $200,000 March 1, 2017 May 1, 2017 0% 10% a. Prepare the journal entry to record the issuance of the note on March 1, 2017 (3 marks). DR. CR. Debit Credit b. Prepare the journal entries necessary to recognize the derecognition/settlement of the note on May 1, 2017 (3 marks). DR. CR. Debit Credit