The Eldorado Corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2018 Debit Credit 7,560 Interest expense Interest payable Rent expense 7,560 34,000 Prepaid rent Interest receivable 34,000 600 600 Interest revenue Additional information: 1. The company borrowed $252,000 on March 31, 2018. Principal and interest are due on March 31, 2019. This note is the company's only interest-bearing debt 2. Rent for the year on the company's office space is $51,000. The rent is paid in advance. 3. On October 31, 2018, Eldorado lent money to a customer. The customer signed a note with principal and interest at 3.0% due in one year Required: 1. What is the interest rate on the company's note payable? 2. The 2018 rent payment was made at the beginning of which month? 3. How much did Eldorado lend its customer on October 31? 1 Interest rate 0% Month of rent payment 2. 3. Principal The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits 36,100 315,000 11,500 47,000 570,000 Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation-office equipment Accounts payable Note payable (due in six months) Salaries payable Interest payable 238,000 66,000 51,000 7,200 1,700 400,000 135,000 720,000 Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense 432,000 108,000 34,500 57,000 3,400 4,400 Advertisi expense 1,618,900 1,618,900 Totals Required: 1-a. Prepare an income statement for the year ended December 31, 2018 1-b. Prepare a classified balance sheet as of December 31, 2018 2. Prepare the necessary closing entries at December 31, 2018