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Teffords Tennis Ltd sells tennis products and also operates a tennis training facility for tennis enthusiasts. During the last part of 2018, Teffords Tennis Ltd had the following transactions related to notes payable. Date Transaction description 01-September-2018 Issued a $13,000 note to Brooklyn Bash to purchase inventory. The note payable bears interest of 8% and is due in 3 months. Recorded accrued interest for the Brooklyn Bash note. Issued a $11,000 10% 3-month note to wells Bank to finance the building of a new tennis court for young players Recorded accrued interest for the Brooklyn Bash note and the Wells Bank note. 30-September-2018 01-October-2018 31-October-2018 ssued a $11,000 note and paid $4,000 cash to purchase a vehicle costing $15,000 to transport clients to and from the local train station. This note bears interest of 12% and matures in 12 months. 01-November-2018 30-November-2018 Recorded accrued interest for the Brooklyn Bash note, the Wells Bank note, and the vehicle note. Paid principal and interest on the Brooklyn Bash note. Recorded accrued interest for the Wells Bank note and the vehicle note. 01-December-2018 31-December-2018 Required (c) Show the statement of financial position presentation of notes payable &interest payable at 31 December. Current liabilities $ value $ value Notes payable Interest payable Required (d) How much interest expense relating to notes payable dd Teffords Tennis Ltd incur during the year? There were no other transactions relating to notes payable in 2018. $ value Required (e) Discuss the advantages and disadvantages of purchasing inventory by means of a note payable rather than accounts payable. Type your answer here