Problem 9-92A (Algorithmic) Entries for and Financial Statement Presentation of a Note Perez Company borrowed $51,000 from the First National Bank paid annually on May 31. 2019, on a 3-year, 8.7% note. Interest is If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Per 2019. June 1 Cash Notes Record bonds are issued, any premium or discount is recorded in a separate valuation account Prepare the adjusting entries made at December 31, 2019 and 2020. Interest Expense Interest Payable Record interest expense Interest Expense RR 3 more Check My Work uses remaining Previous Next > All work saved Email Instructor Save and Exit Submit Assignment for Grading Calculator Interest Payable Record interest expense ached to the period was incurred. Anymo West December r e Comed 3. Prepare the necessary journal entry to recognize the first interest payment on May 31, 2020 2020, May 31 Interest Expense Interest Payable Cash _ Record interest expense and payment of interest OW 3. Consider the adjusting entry made on December 31st 4. Indicate how the note and associated interest would be presented in Perez's December 31, 2020 balance sheet. Perer Company Balance Sheet (partial) Check My Work 2 more Check My Works remaining Previous Next > All work saved Email Instructor Save and Exit Submit Assignment for Grading Y U 0 P 3. Consider the adjusting entry made on December Stat 4. Indicate how the note and cated interest would be presented in Perer's December 31, 2020 balance sheet Peret Company ce Sheet December 31, 2020 Currentes Interest payable Long-term Notes payabi d ue in 2022 $1,000 5. Prepare the necessary Journal entries to record the repayment of the rate and the last year's interest on May 31. 2022 2022, May 31 Interest Expense Testy Record intepend ent of terest 2022. My Notes Record of Check My Work 2 more Check My Works remaining All work saved Emall instructor Save and Exit Submit Assignment for Grading U O P