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Chapter 4 Case：Trade notes are obligations due to suppliers for goods and services used in business operations. To review the calculation of the due date, assume a 90-day note that is dated November 15. The date or maturity date is February 13 calculated as:Days in November. 30Minus date of note. 15Days remaining in November15Add days in December.31 46Add days in January31Days to equal 90 days or Maturity Date, February 1313Period of the note in days90For trade notes, lets look at the example: SMU Gallery purchased the copyright to a painting for $236,700 on January 1, 20X6. The copyright legally protects for 19 more years. However, the company planned to market and sell printed of the original for only 12 more years.On November 23, Weston Holdings secured a payment extension with TechNology Inc. on an account payable, which would be paid by a 60 day, 12%, $6,000 note payable. The following journal entry would be made by Weston Holdings:Accounts payable - TechNology Inc. 6,000 Note payable - TechNology Inc. 6,000 Issued a 12% note payable due in 60 daysSuppose a different payable schedule is negotiated, whereby TechNology Inc. agrees to receive $1,000 cash and a 60-day, 12%, $5,000 note payable to replace the account payable. The entry is shown below:Accounts payable- TechNology Inc. 6,000 Cash 1,000 Notes payable- TechNology Inc. 5,000Gave $1,000 cash and a 60-day note to extend due date on account.An expense which has been incurred during an accounting period, but which has not been paid or recorded, must be accrued at the end of the period. If the Westons year-end is on December 31, interest for 38 days must be accrued on December 31. To calculate interest, use the formula:Interest = Principal of the note Annual interest rate TimeThe December 31 entry below shows the interest expense of $ 62.47 Interest expense 62.47 Interest payable 62.47Accrued interest expense on note; 5,00012%38/365On January 22, the payment date, an additional 22 days of interest expense, $36.16 must be accrued as shown below: Accounts payable- TechNology Inc. 5,000.00 Interest payable 62.47Interest expense 36.16 Cash 5,098.63Paid note the total interest; 5,00012%22、362=36.16Notice that the total interest expense of $98.63 has been allocated to two different accounting periods. $62.47 of the interest paid on January 22 relates to interest expense accrued on Dec