The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year....
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The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Credit Debit 15,840 15,840 Interest expense Interest payable Rent expense Prepaid rent Interest receivable Interest revenue 30,000 30,000 700 700 Additional information: 1. The company borrowed $264,000 on March 31, 2021. Principal and interest are due on March 31, 2022. This note is the company's only interest-bearing debt. 2. Rent for the year on the company's office space is $36,000. The rent is paid in advance. 3. On October 31, 2021, Eldorado lent money to a customer. The customer signed a note with principal and interest at 6.0% due in one year. Required: 1. What is the interest rate on the company's note payable? 2. The 2021 rent payment was made at the beginning of which month? (Do not round your intermediate calculation.) 3. How much did Eldorado lend its customer on October 31? 1 Interest rate 2 Month of rent payment 3. Principal
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