Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.)Required:(a) Journalize Roseland’s entries to record:*a. The issuance of the note.b. The payment of the note at maturity.(b) Journalize CorpOne’s entries to record:*a. The receipt of the note.b. The receipt of the payment of the note at maturity.
