Question 3 Not yet answered Marked out of 6.00 P Flag question Al-Hashar Co.,, borrowed OR32 million cash on October 1, 2020. The loan was made by Bank Muscat under a short-term credit line. Al-Hashar issued a 10-month, 11% promissory note with interest payable at maturity. Al-Hashar financial period is the calendar year. 1. The journal entry for the issuance of the note by Al- Hashar.is Notes payable 32,000,000 Cash 32,000,000 Notes payable R2 KS Notes payable 28,480,000 Cash 28,480,000 Cash 32,000,000 Notes payable 32,000,000 Cash 28,480,000 Notes payable 28,480,000 2. The adjusting entry for the note by Al-Hashar.on December 31, 2020 Interest expense 586,667 cash 586,667 Interest payable 880,000 Interest payable 880,000 Interest expense 880,000 Interest expense 880,000 Interest payable 880,000 Interest expense 586,667 Interest payable 586,667 3. The journal entry for the payment of the note at maturit Interest expense 2,053,333 Interest payable 880,000 Notes payable 32,000,000 Cash 34,933,333 2 Interest expense 2,933,333 Notes payable 32,000,000 Cash 34,933,333 Interest expense 880,000 Interest payable 1,760,333 Notes payable 32,000,000 Cash 34,640,333 Interest expense 2,640,000 Interest payable 293,333 Notes payable 32,000,000 Cash 34,933,333