Q.11 -The following are selected transactions of Basam Company. Basam prepares financial statements quarterly. Jan. 2. Purchased merchandise on account from Qadir Company, $20,000, terms 2/10, n/30. (Basam uses the perpetual inventory system.) Feb. 1 Issued a 12%, 2-month, $20,000 note to Qadir in payment of account. Mar. 31 Accrued interest for 2 months on Qadir note. Apr. 1 Paid face value and interest on Qadir note. July 1 Purchased equipment from Fares Equipment paying $12,000 in cash and signing a 10%, 3-month, $25,000 note. Sept. 30 Accrued interest for 3 months on Fares note. Oct. 1 Paid face value and interest on Fares note. Dec. 1 Borrowed $15,000 from the Dhofar Bank by issuing a 3-month, 12% note with a face value of $15,000. Dec. 31 Recognized interest expense for 1 month on Dofar Bank note. Instructions (a). Prepare journal entries for the listed transactions and events. (2.85 marks) (b). Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (1.6 marks) (c). Show the balance sheet presentation of notes and interest payable at December 31. (0.45 mark) (d). What is total interest expense for the year? (0.1 mark)