2. On July 1, 2021, Ledda Corporation advanced (loaned) $200,000 to its CEO Michael Ambrosio. The interest rate on the loan is 3%. The principal balance of the loan will be repaid in one year. Required: 1. Show the journal entry for the advance on July 1, 2021. Identify the effect (direction and amounts) of the transaction on assets, liabilities, and equity. 2. Show the adjusting journal entry that would be necessary on December 31, 2021. Identify the effect (direction and amounts) of the transaction on assets, liabilities, and equity. 3. Show the journal entry for the repayment of principal and payment of interest on July 1, 2022. Identify the effect (direction and amounts) of the transaction on assets, liabilities, and equity