The following are selected transactions of Blanco Company. Blanco prepares financial

statements quarterly.

Jan. $2$ Purchased merchandise on account from Nunez Company, $$30,000,$ terms $\frac{2}{10},$

$\frac{n}{30}.$

$($Blanco uses the perpetual inventory system.$)$

Feb. $1$ Issued a $9\%,2-$month, $$30,000$ note to Nunez in payment of account.

Mar. $31$ Accrued interest for $2$ months on Nunez note.

Apr. $1$ Paid face value and interest on Nunez note.

July $1$ Purchased equipment from Marson Equipment paying $$11,000$ in cash and

signing a

$10\%,3-$month, $$60,000$ note.

Sept. $30$ Accrued interest for $3$ months on Marson note.

Oct. $1$ Paid face value and interest on Marson note.

Dec. $1$ Borrowed $$24,000$ from the Paola Bank by issuing a $3-$month, $8\%$ note with a face

value of $$24,000.$

Dec. $31$ Recognized interest expense for $1$ month on Paola Bank note.

Instructions:

a$.$ Prepare journal entries for the listed transactions and events.

b$.$ Post to the accounts Notes Payable, Interest Payable, and Interest Expense.

c$.$ Show the balance sheet presentation of notes and interest payable at December $31.$

d$.$ What is total interest expense for the year?