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Question 24 (7.4 points) West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake Builders Company signs a $400,000,6%. 6-month note.

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Question 24 (7.4 points) West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake Builders Company signs a $400,000,6%. 6-month note. What entry will Drake Builders Company make to pay off the note and interest at maturity assuming that interest has been accrued to June 302 --_ 1) Notes Payable Cash .._.412,000 412.000 2 Notes Payable Interest Payable 400,000 12.000 412.000 Cash

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