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On January 1, 2021, Nantucket Ferry borrowed $14,800,000 cash from BankOne and issued a six-year,...

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Accounting

On January 1, 2021, Nantucket Ferry borrowed $14,800,000 cash from BankOne and issued a six-year, $14,800,000, 6% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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