Problem 4 (10 points)

July 2, 2021, Indigodonuts Ltd signed an interest bearing note payable in favour of its suppliers, Rogers Sugar Inc. 10

seltle their account payable of $425,000. The note was due on March 31, 2022 and carries interest at 8.25%. Indigodonuts

has a December 31 year end.

Prepare all of the entries required for the note in 2021 and 2022. (you can use months to calculate interest)