Purchased a parcel of land on March 1, 201 9 for $940 ,000 by paying $490,000 in cash and signing a short -term note payable with the seller for $4 50,000. You must repay the $4 50,000 in exactly one year on March 1, 2020. You agree to pay the seller 5 percent interest ( annual rate) on a quarterly basis (June 1, September 1, December 1, 2019, and March 1, 2020). [Adjusting Entry Required]

** need both the journal entry and adjusting entry for this scenario**