The following are three independent transactions. Prepare entries for the related transactions. 1. If cash is borrowed on a 70,000, 9-month, 6% note on August 1. Prepare the necessary entry to record the interest incurred at December 31 (the end of the year). 2. The cash register total including sales taxes is 51,360, and the sales tax rate is 7%. Prepare the entry about this sale with sales taxes. 3. If42,000 is collected in advance on November 1 for 6-month magazine subscriptions. Prepare the subscription revenue should be recognized by December 31 (the end of the year)