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8a) Bob's Bobsleds, Inc. borrowed $506,000 on November 1, 2021, and signed a twelve-month note...

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Accounting

8a) Bob's Bobsleds, Inc. borrowed $506,000 on November 1, 2021, and signed a twelve-month note bearing interest at 6%. Principal and interest are payable in full at maturity on October 31, 2022. In connection with this note, Bob's Bobsleds, Inc. should report interest payable at December 31, 2021, in the amount of _______? (Do not round your intermediate calculations.)

8b) On November 1, 2021, Bob's Bobsleds, Inc. signed a $208,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. Bob's Bobsleds, Inc. records the appropriate adjusting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2022? (Do not round your intermediate calculations.)

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