1. On October 1,2019 , Broadway Custom Welding Corporation purchased Lincoln ARC Welding Equipment for $110,000 from A.J. Miller Welding Supply Company, paying $31,000 in cash and signing a 6% note for the balance. Interest and the note balance are due in full on September 30,2020. 2. On December 1, 2019, Broadway Custom Welding Corporation borrowed $140,000 from First Bank and Trust, LLC. Broadway Custom Welding Corporation signed a promise to pay contract - agreeing to pay $164,000 at the end of 12 months on November 30, 2020. Note: Broadway Custom Welding Corporation has a year end of December 31st. Required: a. For each situation above, prepare journal entries for 2019 , including necessary adjusting entries at year end 2019 for both situations. b. Next, prepare all journal entries necessary in 2020 for each situation above. c. For an extra 2 points on this Quiz, does the finance arrangement in \#2 above from First Bank and Trust, LLC seem like a good deal? If yes, give your reason, if no, give your reason. Note: you do NOT have to answer part c. unless you want to try for the extra 2 points. You have nothing to lose, it's entirely up to you