Sandhill Co. borrows $98,400 on July 1 from the bank by signing a $98,400, 10%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Cash Notes Payable (a) July 1 (b) Dec 31 Liabilities Interest Payable $ Con Stockholders' Equity Retained Earnings Common Stock Revenue Expense Dividend