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(6 points) On November 1, 2016, Y borrowed $900,000 at 5%. Y pays interest every 6 months with interest payments every May 1 and November

  1. (6 points) On November 1, 2016, Y borrowed $900,000 at 5%. Y pays interest every 6 months with interest payments every May 1 and November 1. Y repaid $600,000 of the principal on November 1, 2017 and the remainder on May 1, 2018. Assume Y only makes AJEs every December 31 AND does NOT make reversing entries. Prepare the entries Y should make on:

  1. November 1, 2016
  2. December 31, 2016
  3. May 1, 2017
  4. November 1, 2017
  5. December 31, 2017
  6. May 1, 2018

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