Short Exercise 8-8 Interest Expense on Note Payable

On the last day of March, Brunswick Corporation borrowed $360,000 on a bank note for 60 days at 10 percent interest. Assume that interest is stated separately.

1. Prepare the journal entry on March 31, recording of note.

2. Prepare the journal entry on May 30, payment of note plus interest. Round your answers to the nearest cent. Assume 365 days per year. If an amount box does not require an entry, leave it blank.