Recording Entries for Interest-Bearing and Noninterest-Bearing Notes Required a. How much cash should Anne Taylor Company receive from the note on August 1 of Year 1 , assuming the note is an interest-bearing note? q b. Provide the following entries and reporting amounts: 1. August 1 of Year 1 , date of the loan. 2. December 31 of Year 1, adjusting entry. 3. July 31 of Year 2, payment of the note. - Note: Round your answers to the nearest whole dollar. c. What liability amounts should be shown on the December 31 of Year 1 balance sheet? Note: List interest Payable as the first current liability account