Sunland Company borrows $93,600 on July 1 from the bank by signing a $93,600, 7%, 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.)

(a) July 1

(b) Dec. 31

Sunland Company borrows $93,600 on July I from the bank by signing a $93,600,7%,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 transoctlan couses a decrease in Assets, Liablities or Stodiholdes' Equity, ploce a negative sign (or porentheses) in front of the amount entered for the particular Asset. Llability or Equily item that was reduced) Sunland Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%,1-year note payable. Prepare a tabular summary to record (a) the procecds 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 o neyotive sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced)