Problem 9-92A (Algorithmic) Entries for and Financial Statement Presentation of a Note TIL Perez Company borrowed $51,000 from the First National Bank on June 1, 2019, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar Required: 1. Record the borrowing transaction in Perez's journal. 2019, June 1 Record issuance of note at par 2. Prepare the adjusting entries made at December 31, 2019 and 2020. 2019, December 31 Record interest expense 2020, December 31 Record interest expense 3. Prepare the necessary journal entry to recognize the first interest payment on May 31, 2020. on 1 Check My Work 5 more Check My Work uses remaining Previous Next > All work saved. Email instructor Save and Exit Submit Assignment for Grading Tuoll THIK: 3. Prepare the necessary journal entry to recognize the first interest payment on May 31, 2020 2020, May 31 Record interest expense and payment of interest rech Jo try 4.de 4. Indicate how the notes and associated interest would be presented in Perez's December 31, 2020 balance sheet Peret Company Balance Sheet(partial) December 31, 2020 Current Long term e s medieval wried.doc 5. Prepare the necessary journal entries to record the repayment of the note and the last year's interest on May 31 2022 2022. May 31 Record interest expense and payment of interest 2022, May 31 Check My Work more Check My Works omaning Previous Next > All work saved Email Instructor Save and Exit Submit Assignment for Grading