Problem 5 (20 points) November 1 of this year, Southport borrowed $15 million cash from Bank...

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Problem 5 (20 points) November 1 of this year, Southport borrowed $15 million cash from Bank of America to meet short-term obligation in five months. The annual interest rate was 10%. All interest will accrued and be paid when the note is due in five months. Southport's accounting period ends on December 31. (a) Provide the journal entry to record the note on November 1, Year 1. (b) Provide any adjusting entry required at the end of the accounting period on December 31, Year 1. (c) Provide the jouranl entry to record payment of the note andinterest on the maturity date, March 31, Year 2. Problem 5 (20 points) November 1 of this year, Southport borrowed $15 million cash from Bank of America to meet short-term obligation in five months. The annual interest rate was 10%. All interest will accrued and be paid when the note is due in five months. Southport's accounting period ends on December 31. (a) Provide the journal entry to record the note on November 1, Year 1. (b) Provide any adjusting entry required at the end of the accounting period on December 31, Year 1. (c) Provide the jouranl entry to record payment of the note andinterest on the maturity date, March 31, Year 2.