Notes Payable Renchen Company, which manufactures steel tubing and casing for automobile production, borrowed $500,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology. The terms of Renchen's note dictate that it is a 4-month, 9%, interest-bearing note. Required:     Hide     If an amount box does not require an entry, leave it blank.1.  Record the borrowing transaction.2.  Record the repayment transaction.             1. Jan. 1                 (Record issuance of note payable)             2. May 1                         (Record payment of interest and principal)

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