Ironwood Supply borrowed money on a short-term note. Its year-end is December 31.
| Date | Event |
|---|
| April 1, 2026 | Borrowed $60,000 cash by signing a 1-year, 8% note payable. |
| December 31, 2026 | Accrued interest on the note. |
| April 1, 2027 | Repaid the note in full, together with all interest owed. |
Required: Prepare the journal entries for the borrowing, the December 31, 2026 interest accrual, and the April 1, 2027 repayment. Interest for 2026 covers 9 months; the remaining 3 months accrues in 2027.