XYZ borrows $200 000 cash on November 1 2013 by signing a 90 day 9% note with a face value of $200 000.

1.) On what date does the note mature? (aasume feb 2013 has 28 days)

2.) How much interest expense results from the note in 2013? ( assume a 360 day year)

3.) How much interest expense results from the note in 2014? ( assume a 360 day year)

4) prepare journal entries to record

A) the insurance of the note

b) accural interest at the end of 2013

c) payment of the note at maturity