16. A company borrowed AED 100,000 on December 1 2020 that specifies interest at an annual rate of 7%. No interest or principal payment is due until the note matures on May 31 2021. The company prepares financial statements at the end of each calendar month Please prepare the entries required on December 2020 and 31 May 2021. 17. On December your company paid its insurance agent AED 2,400 for the annual insurance premium covering the twelve-month period beginning on December 1. The ACD 2.400 payment was recorded on December 1. Your company prepares monthly financial statements at the end of each calendar month. What entries will be prepared on Dec 1 and on 31 Dec