Score: 0 of 1 pt P12-8 (similar to) 2 of 8 (5 complete) HW Score: 62.5%, 5 of 8 pts Question Help Betty Brown Accounting Inc. takes advantage of a well-known office furnishings store's low-interest-rate financing. Betty buys furniture on the first day of its fiscal year, signing a $16,000, four-year note. The note is payable in full at maturity. Interest is payable annually at 8%. The market rate of interest for similar transactions is 9%. Requirement Prepare journal entries to record: a. The purchase of the office furniture. b. The payment of interest and related amortization of the discount at the end of year 1. (Use a financial calculator for any present value computations and round your final answers to the nearest dollar. Record debits first, then credits. Explanations are not required.) a. Prepare the journal entry to record the purchase of the office furniture. Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining Clear All Check Answer