Recording Entries for Interest-Bearing and Noninterest-Bearing Notes Anne Taylor Company borrowed cash on August 1, 2020, and signed a $99,900 (face amount), one-year note payable, due on July 31, 2021. The accounting period of Anne Taylor ends December 31. Assume an effective interest rate of 11%. Interest-Bearing Note Noninterest-Bearing Note a. How much cash should Anne Taylor Company receive on the note, assuming the note is an interest-bearing note? $ 99,900 b. Provide the following entries: 1. August 1, 2020, date of the loan. 2. December 31, 2020, adjusting entry. 3. July 31, 2021, payment of the note. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Date Account Name Dr. Cr. 1. Aug. 1, 2020 Cash 99,900 Note Payable 0 99,900 2. Dec. 31, 2020 Interest Expense 0 0 Interest Payable 0 0 3. July 31, 2021 Interest Expense 0 0 Interest Payable 0 0 Salaries Expense Cash 0 0 0 0 4. What liability amount(s) should be shown on the December 31, 2020, balance sheet? Note: List accounts in alphabetical order based on the account name. Balance Sheet, Dec. 31 Current liabilities Note Payable 2020 0 $ 0