Recording Entries for Interest-Bearing and Noninterest-Bearing Notes Anne Taylor Company borrowed cash on August 1, 2020, and signed a $63,270 (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 1195 Interest-Bearing Note Noninterest-Bearing Note a. How much cash should Anne Taylor Corrpany receive on the note, assuring the note is an interest-bearing note? $ 58,270 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 63220 Note Payable 63.270 2. Der 31, 2020 Interest Experts 2.900 Interest Payable + 2.900 2. July 31, 2021 Interest Expense 4060 Interest Payable a 2.900 D Nole Payable 63 270 70.220 . 4. What liability amounts) should be shown on the December 31, 2020, balance sheet? Note: List accounts in alphabetical order based on the account name. 2020 Balance Sheet, Dec. 31 Current liabilities Interest Pavanie Note Payable $ $ 2,900 53,270 C. Now assuming that the note is noninterest-bearing, answer the following questions assuming that the company uses the straight-line method to amortize any discount on note payable. How much cash should Anne Taylor Company receive on the note? 57,000 S 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. Cr. Dr. 57,000 6,270 0 . . 2.613 Date Account Name 1. Aug. 1, 2020 Cash Discount on Note Payable Note Payable 2. Dec 31, 2020 Interest Expense Discount on Note Payable 3. july 31, 2021 Interest Expense Note Payable Cash Discount on Note Payable 63,270 0 2,613 O 2,613 x * 63,270 63,270 6,270 x 4. What liability amounts) 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 2020 Current liabilities Note Payable 59,613