West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake Builders Company signs a $400,000, 6%, 6-month note. What entry will Drake Builders Company make to pay off the note and interest at maturity assuming that interest has been accrued to June 30? a. Notes Payable. 412,000 Cash 412,000 b. Notes Payable. 400,000 Interest Payable 12,000Cash 412,000 c. Interest Expense. 12,000 Notes Payable. 400,000 Cash 412,000 d. Interest Payable Notes Payable....6,000 Interest Expense 400,000 Cash 6,000 412,0001) a 2) b 3) c
