Ontario Resources, a natural energy supplier, borrowed $80 million cash on November 1, 2018, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 9-month, 12% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year. Prepare the appropriate adjusting entry for the note by Ontario Resources on December 31, 2018.
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