Renchen Company, which manufactures steel tubing and casing for automobile production, borrowed $500,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology. The terms of Renchen's note dictate that it is a four- month, 9%, interest-bearing note. Required: For those boxes in which no entry is required, leave the box blank. 1. Record the borrowing transaction 2. Record the repayment transaction. ash. Notes Payable 1. Jan. 1 (Record issuance of note payable) 2. May 1 Notes Payable Interest Expense Cash (Record payment of interest and principal)