$2.$ On $12/1/20$ Needit Corp. borrows $$100,000$ from Low Rate Bank at the rate of $12\%$per annum. Interest and principal are due on $6/1/21.$ Needit Corp. adjusts its books semiannually.a$.$ Record the receipt of the amount borrowed on $12/1/20.$ b$.$ Prepare the AJE, fi any, on $12/31/20.$c$.$ Prepare the AJE, if any, on $6/30/21.$d$.$ Record the required payment on $6/1/21.$IV$.$ ACCRUING UNCOLLECTED REVENUEOn $10/1/20,$ Gimmee Corp. bills Cheapo Corp. $$36,000$ for repair services to beperformed during the period $10/1/20-3/31/21.$ Gimmee adjusts its books quarterly. Payment is received on $1/31/21.$a$.$ Record the invoice issued to Gimmee on $10/01/20.$ b$.$ Prepare the AJE, if any, on $12/31/20.$c$.$ Record the payment received on $1/31/21.$d$.$ Prepare the AJE, fi any, on $2/28/21.$e$.$ Prepare the AJE, if any, on $3/31/21.$V$.$ ACCRUING INCOME TAXESFor calendar year $2020,$ Wowee Inc. had net income before income taxes in the amountof $$10,000.$ Tax rates are $20\%$ Federal, $9\%$ NY State, and $8\%$ New York City. Wowee adjusts its books annually.a$.$ Prepare the AJE, if any, on $12/31/20.$b$.$ Record the payment of the taxes on $3/15/21.$