Problem 9-96A (Algorithmic) Entries for and Financial Statement Presentation of a Note Perez Company borrowed $50,000 from the National Bank on April 1, 2022, on a three-year, 8.7% note. Interest is paid annually on April 1. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Perez's journal. 2022, Apr. 1 Cash 50.000 Notes Payable 50,000 (Record issuance of note at par) 2. Prepare the adjusting entries made at December 31, 2022 and 2023. 2022, December 31 Interest Expense Interest Payable (Record interest expense) 2023, December 31 Interest Expense Interest Payable (Record interest expense) 3. Prepare the necessary journal entry to recognize the first interest payment on April 1, 2023. For those boxes in which no entry is required, leave the box blank. 2023, Apr. 1 Notes Payable (Record interest payment) 4. Indicate how the note and associated interest would be presented on Perez's December 31, 2023 statement of financial position Perez Company Statement of Financial Position (partial) December 31, 2023 Current Habities: Long-term labies 5. Prepare the necessary fournal entries to record the repayment of the note and the four year's interest payment on April 1, 2025. For those boxes in which no entry is required, leave the box blank, 2025, Apr 1 (Record Interest expense and payment of interest) 2025. Apr. 1 (Record repayment of note principal)