The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December $31,$ year $2,$ are the following:

The company has outstanding a $$45,000,9$ percent, $2-$year note payable issued on July $1,$ year $1.$ Payment of the $$45,000$ note, plus all accrued interest for the $2-$year loan period, is due in full on June $30,$ year $3.$

The firm is providing consulting services to Texas Oil Company at an agreed$-$upon rate of $$830$ per day. At December $31,10$ days of unbilled consulting services have been provided.

Required:

Prepare the two adjusting entries required on December $31$ to record the accrued interest expense and the accrued consulting revenue earned.

Assume that the $$45,000$ note payable plus all accrued interest are paid in full on June $30,$ year $3.$ What portion of the total interest expense associated with this note will be reported in the firm's year $3$ income statement?

Assume that on January $30,$ year $3,$ Gilbert, Marsh, & Kester receive $$25,000$ from Texas Oil Company in full payment of the consulting services provided in December and January. What portion of this amount constitutes revenue earned in January?