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Splish Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. Credit SPLISH DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $12,365 Accounts Receivable 22,865 Supplies 6,365 Prepaid Insurance 3,865 Equipment 61,365 Accumulated Depreciation Equipment Accounts Payable Interest Davahle $36,365 6,365 174 174 Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expenses Rent Expense 5,800 6,965 1,584 11,365 4,865 62,865 12,665 1,134 524 h 7,800 3,400 4,000 $136,348 $136,348 Answer the following questions. (Round interest rate to 0 decimal places, e.g. 5%.) (1) If the note has been outstanding 6 months, what is the annual interest rate on that note? (Hint: Assume that the amount of interest payable in the trial balance relates to the note payable in the trial balance.) The annual interest rate % ws (2) If the company paid $17,500 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019? The balance in Salaries and Wages Payable $