Recording Accrued Interest Expense Alaska Inc. borrowed $60,000 cash by signing a one-year note payable on November 1 . The note bears interest at 10% and interest is payable upon maturity of the note. a. Record this financing transaction on November 1. b. Record the year-end adjusting entry required on December 31. Hint: Prorate the annual interest of 10% for two months. c. Record the entry to repay the note on November 1 of the following year