Problem $2$ On January $1,20$X$1,$ ABC Corporation borrowed $$40,000$ on a two$-$year interest

bearing note from Regional Bank at an annual interest rate of $10$ percent. Interest is payable yearly on January $1$ and ABC records adjusting entries yearly on December $31.$

a$.$ Record the entry for the note on January $1,20$X$1.$

b$.$ Make an adjusting entry on December $31,20$X$1$ to accrue interest on the note.

c$.$ Record the interest payment on the note on January $1,20$X$2.$

d$.$ Record the payment of note on January $1,20$X$3.$