6. On January 1, Wonder Water borrowed $300,000 for 5 years at 4.5% to finance expansion. Fixed principal payments are to be made quarterly beginning Mar 1. Below is an instalment schedule for Wonder Water. (13 marks)

WONDER WATER

INSTALMENT PAYMENT SCHEDULE- FIXED PRINCIPAL PAYMENTS

Interest Period	Cash Pmt	Interest Expense	Reduction of Principal	Principal
Jan 1				300,000
Mar 1	?	3,375	5,000	295,000
Jun 1	8,319	?	5,000	?
Sep 1	?	3,263	?	285,000
Dec 1	?	?	5,000	?

Instructions

(a) Determine the missing values (round to the nearest dollar).

(b) Prepare the journal entries for the payments made on March 1 and Sept 1.