On November 1, Vacation Destinations borrows $1.59 million and issues a six-month, 7% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjusting entry for interest expense at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in dollars, not in millions. Round your answers to the nearest dollar amount.)