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Note Payable and Accrued Interest Fairborne Company borrowed $600,000 on an 8%, interest-bearing note on...

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Note Payable and Accrued Interest Fairborne Company borrowed $600,000 on an 8%, interest-bearing note on October 1,2019 . Fairborne ends its fiscal year on December 31 . The note was paid with interest on Mry 1, 2020. Required: 1. Prepare the entry for this note on October 1,2019. 2019 Oct. 1 (Record issuance of note) 2. Prepare the adyusting entry for this note on December 31,2019 ; 2019.Dec. 31 (Record accrued interest) 3. Indicate how the note and the accrued interest would appear in the balance sheet at December 31,2019

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