1. Moultrie borrowed $ 200,000 from Bank of Scotland with 6% interest for one year on 3/1/2019. The principal and interests are supposed to be paid back on 3/1/2020.

a. How much interests accrued for 2019?

b. How much interests accrued for 2020?

c. Journalize for 3/1/2019 to record the borrowing.

d. Journalize for 12/31/2019 to recognize the interest expense for 2019.

e. Journalize for 3/1/2020 to record the payback.