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 21, 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? $ b. Provide the following entries: 1. August 1, 2020, date of the loan. 2. December 31, 2020, adjusting entry 3. July 21, 2021, payment of the note. Note: List multiple debits or credits when applicable) in alphabetical order. Note: Round your answers to the nearest whole dullar Date Account Name Dr. Cr. Aug 1, 2020 De 1.2021 2. July 21, 2021 . 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 Recording Entries for Interest-Bearing and Noninterest-Bearing Notes Anne Taylor Company burrowed cash on August 1, 2020, and signed a $63,270 (face arount), 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 Hearing Note 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? Provide the following entries: 1. August 1, 2020, date of the loan. 2. December 31, 2020, ad usting 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 Aug 1, 2020 2. Dec 31, 2020 . 2 July 31, 2021 4. What liability amounds) 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 liabilis